Inflation in the UK fell more than expected to 7.9 percent in June, providing some relief for the Bank of England ahead of its interest rate decision next month. However, it is still the highest among the Group of Seven countries, which negatively affects the Conservative government.
According to the Office for National Statistics, annual inflation fell to this level from 8.7 percent in May. Core inflation eased from 7.1 percent in May to 6.9 percent in June, suggesting that the fastest streak of rate hikes in three decades may be starting to rein in rising prices.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
