Annual inflation in the United Kingdom fell to 7.9% in June from 8.7% in May, slower than analysts' forecast, the Office for National Statistics (ONS) said on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 19th July, 2023) Annual inflation in the United Kingdom fell to 7.9% in June from 8.7% in May, slower than analysts' forecast, the Office for National Statistics (ONS) said on Wednesday.
Analysts polled by the DailyFX portal had forecast annual inflation at 8.2% in June.
"The Consumer Prices Index (CPI) rose by 7.9% in the 12 months to June 2023, down from 8.7% in May," the ONS said in a statement.
On a monthly basis, the inflation rate increased by 0.1% in June, the institution added.
In general, the slowdown in the rate was mainly due to the decline in transportation costs, which was almost entirely due to the fall in fuel prices, the statement read.
The statistics agency also said that the annual consumer price index including owner occupiers' housing costs (CPIH) rose to 7.3% in June, down from 7.9% in May.
The annual core CPI (which excludes energy, food, alcohol and tobacco) rose to 6.9% in June, down from 7.1% in May, with May's rate the highest since March 1992.
In late June, the Bank of England raised its benchmark interest rate to 5%, the highest level since 2008, in an effort to combat high inflation in the country.
The UK, along with other European countries, is facing inflation and a massive energy crisis as part of the post-pandemic global economic recession. The situation has been exacerbated by the Ukraine crisis, as hostilities and Western sanctions against Russia have disrupted supply chains around the world.
