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Great Britain, inflation – June 2023. Inflation fell more than expected – Finance Minister Jeremy Hunt comments

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Inflation in the UK fell more than expected. The increase in prices in June 2023 was 7.9 percent, while in May it was 8.7 percent, the Office for National Statistics (ONS) said on Wednesday. This is the lowest reading in over a year.

The market consensus, i.e. the median forecast of economists surveyed by Reuters, assumed an 8.2 percent increase in prices last month. Every year. Ultimately, the increase in prices was slower and amounted to 7.9 percent. This is the lowest level since March 2022.

For comparison inflation in the UK in October amounted to 11.1 percent. year-on-year, which was the highest level in 41 years.

UK inflation

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ONS data shows that the increase in food prices on an annual basis in June this year. slowed down to 17.3 percent. from 18.3 percent in May.

Core inflation – excluding energy prices, food and tobacco – also fell more than expected, to 6.9 percent. from 7.1 percent in May, which was the highest level in more than 30 years.

British Finance Minister Jeremy Hunt said the government was not complacent. “Inflation is falling and is at its lowest level since March last year, but we are not complacent,” the minister stressed in a statement.

Main photo source: Spiroview Inc / Shutterstock

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