UK inflation slows to lowest level in more than a year | CNN Business

, official data showed Wednesday. Consumer prices rose 7.9% last month compared with a year ago, down from 8.7% in May, the Office for National Statistics said. Economists polled by Reuters had forecast an increase of 8.2%. “Inflation slowed substantially … driven by drops for motor fuels,” ONS chief economist Grant Fitzner said in a statement. Core inflation, which strips out volatile food and energy costs and is a better gauge of the underlying trend in prices, came in at 6.9%, down from 7.

3% during the March to May quarter compared with a year ago, marking one of the highest growth rates since records began in 2001. “While the Bank of England will welcome the fall in inflation, it is unlikely to substantially change its hawkish policy stance,” said KPMG chief economist Yael Selfin.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Retail sales rose in June for third straight month | CNN BusinessSpending at US retailers rose in June for the third month in a row, in a subdued show of resilience from American consumers.
Source: CNN - 🏆 4. / 95 Read more »

Strong home-buying demand boosts builders’ business outlook to the highest level since June 2022Home builder sentiment rose for the seventh month in a row in July, the National Association of Home Builders said.
Source: MarketWatch - 🏆 3. / 97 Read more »

Russia seizes control of Danone, Carlsberg assets | CNN BusinessMoscow has seized control of the Russian subsidiaries of French yogurt maker Danone and Danish brewer Carlsberg, highlighting risks facing foreign firms that continue to do business in the country.
Source: cnni - 🏆 326. / 59 Read more »

Tickets for Messi's US debut cost as much as $110,000 | CNN BusinessTickets for Messi's expected first match for Inter Miami in the Leagues Cup are selling as much $110,000
Source: CNN - 🏆 4. / 95 Read more »