Bank of England now expected to only raise rates to 5.25% in August, after UK inflation falls faster than expected in June
- UK inflation expected to fall after grocery price rises ease
Importantly, underlying inflation has dropped in June too.
Core CPI, which excludes energy, food, alcohol and tobacco, rose by 6.9% in the 12 months to June 2023, down from 7.1% in May (which was a 30-year high).
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