Suren Thiru, economics director at the ICAEW accountancy trade body, said: “Although these figures provide reassurance that the inflation tide has turned, this latest drop owes more to lower energy bills, following the reduction in Ofgem’s energy price cap, than to a broader easing of price pressures.” Stripping out food and energy prices, core inflation rose at an unchanged annual rate of 6.9 per cent in July and services prices increased at a faster pace, maintaining pressure on the Bank of England to do more to restore price stability. Lower gas and electricity prices drove down inflation. But the details suggest Britain had not made progress in solving its inflation problem.
The figure, published on Wednesday by the Office for National Statistics, met economists’ expectations and will come as a modest relief after wage data on Tuesday was surprisingly strong.
London | Lower gas and electricity prices drove a sharp drop in UK inflation to 6.8 per cent in July from 7.9 per cent the previous month, the lowest rate of price increases since February last year.
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