In the UK, inflation witnessed a significant drop in July, hitting a 17-month low due to notable decreases in energy prices.

The consumer price index’s annual inflation rate stood at 6.8% for July, marking its lowest point since February 2022.

This decline, according to experts’ predictions, is attributed to reduced energy expenses and the relaxation of food price inflation following Russia’s actions.

While this decrease is a positive for households, it’s unlikely to prevent expectations of an impending interest rate hike by the Bank of England.

  • Posted on 2023/08/28
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