Good news is still hard to find for Britain’s economy—but the outlook is looking a bit brighter
The headline rate of inflation fell from 8.7% in May to 7.9% in June, a bigger drop than the fall to 8.2% that economists had been expecting. That was partly thanks to: changes in the cost of transport fuel cut the headline rate by 0.26 percentage points, according to the Office for National Statistics. The agency, meanwhile, saw no hefty movements the other way.
Neither was this the first indication that Britain’s inflationary fever may be breaking. Figures published last week suggested that the jobs market is at last starting to cool. The ratio of vacancies to unemployment, a measure of labour-market tightness, declined sharply thanks to a simultaneous reduction in labour demand and an increase in the number of people looking for jobs.
This offers a measure of relief to mortgage-holders. The cost of five-year interest-rate swaps, which are used to price fixed-rate mortgages, has fallen by around half a percentage point from a peak early this month, when it reached levels last seen during the disastrous premiership of Liz Truss. The share prices of housebuilders rallied in the hours following the inflation data. Persimmon, one of Britain’s largest property developers, enjoyed a 7.5% bump.
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