Britain's inflation reached its lowest in 17 months in July
London, August 16, 2023, According to official figures reported by the German News Agency (DPA), Britain's inflation rate reached its lowest point in 17 months in July. This decline can be attributed to a decrease in energy prices and a slowdown in the rate at which food prices are increasing. In a recent report, the Office for National Statistics (ONS) revealed that the Consumer Prices Index experienced a notable decline in the month of July. According to the ONS, the inflation rate dropped from 7.9% in June to 6.8% in July. This latest development sheds light on the changing economic landscape and provides valuable insights into the current state of consumer prices in the country. In a significant development, the current rate stands at its lowest point since February 2022.
According to analysts' predictions, the anticipated reading for the month was 6.7%. According to Matthew Corder, the Deputy Director of Prices at the Office for National Statistics (ONS), inflation has experienced a significant deceleration for the second month in a row. This decline can be attributed to the decrease in gas and electricity prices, which occurred as a result of the implementation of the energy price cap reduction. In a recent statement, he emphasized that core inflation remained steady in the month of July. An increase in service prices offset the decline in the cost of goods.