Inflation fell to 2.6% in the year to June, down from 2.8% in May, with lower fuel prices among the factors easing the rate, according to the Office for National Statistics.
Key facts
- Prices rose by 2.6% in the year to June, according to the ONS.
- That is down from 2.8% in the year to May.
- Lower fuel prices helped drive the fall.
- Lower chocolate and beef prices also contributed.
- Economists had expected inflation to fall slightly.
Inflation in the UK slowed to 2.6% in the year to June, down from 2.8% in the year to May, according to figures released by the Office for National Statistics (ONS).
The decline was helped by lower fuel prices, the BBC reported, with cheaper chocolate and beef also contributing to the easing of the rate.
The figure was broadly in line with expectations. According to the BBC, economists had anticipated that inflation would fall slightly, and the June reading confirmed that forecast.
Inflation measures how quickly the prices of goods and services rise over time. A rate of 2.6% means that, on average, prices were 2.6% higher in June than they were a year earlier — a slower pace of increase than the 2.8% recorded in May.
The ONS attributed the movement to a mix of falling costs across several categories, including fuel and certain food items such as chocolate and beef, which together helped push the headline rate lower.
The latest data offers a snapshot of price pressures facing households, though the sources do not detail any wider economic or policy response to the figures.
Why it matters
Inflation directly affects how far household budgets stretch, from filling up the car to the weekly food shop. A fall from 2.8% to 2.6% signals that price rises are slowing, which can influence decisions on interest rates and the wider cost of living.
Frequently asked questions
What is the current inflation rate?
Prices rose by 2.6% in the year to June, according to the Office for National Statistics.
What was inflation the previous month?
Inflation stood at 2.8% in the year to May, meaning June's figure represents a fall of 0.2 percentage points.
What caused inflation to fall?
According to the BBC, lower fuel prices helped drive the decline, along with lower chocolate and beef prices.