Food prices also rose the most among the British

By: Trademagazin Date: 2023. 07. 19. 10:46

Annual inflation in Great Britain fell much more than expected, below 8 percent last month, primarily due to a significant drop in fuel prices and a slowdown in food price growth.

According to the report of the British Statistics Office (ONS) on Wednesday, consumer prices were on average 7.9 percent higher in June than a year earlier.

British annual inflation was measured at 8.7 percent in April and May. The average of analysts’ forecasts predicted twelve-month inflation of 8.5 percent for June.

The Bank of England’s inflation target is 2 percent, which means that British inflation is still almost four times the central bank’s target level. British inflation, calculated in a twelve-month comparison, exceeded ten percent every month between September and March.

The rate of 11.1 percent measured last October was the highest since the monthly measurement of annual inflation using the current methodology began in January 1997. Based on data calculated even earlier using indicative modeling, the last time British annual inflation was higher than last October was 41 years earlier, in October 1981, at a rate of 11.2 percent.