BREAKING: The rate of price rises has dropped to 7.9% in the year up to June, according to the Office for National Statistics (ONS)
Economist had thought core inflation would remain stuck at the same level as the month before - 7.1% - and that CPI would only fall to 8.2%.
But falling petrol and diesel costs, and a slowing down in food price rises, led to the surprise drop.Also falling was the cost of raw materials - they dropped 2.7% in price - the first time they've actually become cheaper since late 2020, the ONS said.Chancellor Jeremy Hunt said,"Inflation is falling and stands at its lowest level since last March; but we aren't complacent and know that high prices are still a huge worry for families and businesses.
"The best and only way we can ease this pressure and get our economy growing again is by sticking to the plan to halve inflation this year."
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