‘The Bank of England will celebrate the fact that inflation has come down, but prices are still rising.’ The drop in inflation to 7.9% was a welcomed shock to many, however, we spoke to economic expert Joe Nellis who warned we're not out of the woods.
Most analysts were expecting around 8.2% inflation for June – meaning the cost of a basket is on average 8.2% higher than it was a year before – but the true figure was a little below that., it still means items are getting more expensive.
He said: ‘They’ll get slightly cheaper fuel, but other than that they’re still going to see the cost of living crisis, mainly due to interest rates rather than inflationary pressures.’ Neither expert thought we were at the end of the rate-raising spree yet, with both predicting a 0.25% increase next month – meaning more misery for those with mortgages.
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