The UK's rate of inflation fell to 7.9% in the 12 months to June 2023, down from 8.7% in May. This is the lowest level since March 2022 but is still well above the Bank of England's target rate of 2%.
Core inflation - which excludes volatile elements such as food, fuel and energy prices - increased by 6.9% in the 12 months to June 2023, down from 7.1% in May which was the highest rate for over 30 years.
UK inflation is higher than inflation rate in comparable countries: Germany and France both recorded a rate of core inflation of less than 6% in June 2023 and the USA's core inflation rate was below 5%.
Commenting on the figures, Chancellor Jeremy Hunt said:
'We need to stick to the plan to halve inflation.'
Interest rates are expected to rise again this week to bring inflation down further.Back to top