Yesterday, the UK Office for National Statistics delivered the news that the UK inflation rate dipped below the central bank’s 2% target in June – for the first time in almost 2 years. The Consumer Price Index (CPI) fell to an annualized rate of 1.8% during the month compared with a 2.2% decline in May.
The fall in the cost of food and non-alcoholic drinks including meat, bread and dairy products contributed to the decline. The Retail Price Index (RPI), a broader measure of inflation, fell 1.6% in the month, the most on record.
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