British annual consumer price inflation fell to a lower than expected 7.9% in June, figures from the Office for National Statistics showed on Wednesday.
Image: ReutersBritish annual consumer price inflationin June, figures from the Office for National Statistics showed on Wednesday.
Economists polled by Reuters had forecast that the CPI rate in the 12 months to June would drop to 8.2% from May’s 8.7%, moving further away from October’s 41-year high of 11.1% but still far above the Bank of England’s 2% target.headed for its biggest one-day drop this month onbut was still well above its target, giving the Bank of England little room to relax monetary policy.une’s rate was a long way off last October’s 41-year high of 11.1%, but far above the BoE’s 2% target rate.
Core inflation – which excludes food, energy, alcohol and tobacco prices – dropped to 6.9%, from May’s 7.1%. This was below forecasts for a decline to 7.1%, but not far from last month’s 31-year high.
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