Martin Lewis has dubbed the latest inflation figure ‘good news’ after the Office for National Statistics (ONS) announced that Consumer Prices Index (CPI) inflation for June was 7.9%, down from 8.7% in May
Martin Lewis has dubbed the latest inflation figure ‘good news’ after the Office for National Statistics announced that Consumer Prices Index inflation for June was 7.9%, down from 8.7% in May and its lowest rate since March 2022.
He added: “That looks like it will take pressure off interest rate rises and hopefully we will see a positive response from the market, but you can never truly judge the market.Most economists had expected the rate of inflation to fall to 8.2% in June. The ONS said falling fuel prices was the biggest driver behind the drop, while food price inflation also pared back to 17.3% from 18.7% in May, though still painfully high.
June’s figures could see the Bank of England opt for a smaller increase in interest rates at its next meeting in August after June’s half a percentage point shock hike to 5%, according to experts. Commenting on the figures, Chancellor Jeremy Hunt said: “We aren’t complacent and know that high prices are still a huge worry for families and businesses.
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