UK inflation rate plummet
THE UK’s inflation rate dropped unexpectedly to 2.6% in June, down from 2.9% in May, official figures have shown.
It is the first fall in the rate since October 2016 and was largely down to lower petrol and diesel prices.
Fuel prices fell for the fourth month in a row in June, according to the Office for National Statistics.
Economists say the fall in inflation could ease pressure on the Bank of England to raise interest rates.
The UK inflation rate has risen sharply since the referendum on membership of the European Union last June, partly due to an increase in the cost of imported goods following the fall in the value of the pound.