Britain’s annual inflation rate slowed to 7.9% in June from 8.7% in May, according to data released by Britain’s Office for National Statistics on Wednesday.
According to the British Guardian, inflation fell more than expected, amid a sharp decline in gasoline prices, which eased expectations about the extent of the Bank of England’s interest rate hike over the next year.
According to the statistics office statement, the annual inflation rate in June recorded the lowest level since March 2022.
Several countries are witnessing a high inflation rate since the Russian-Ukrainian war, while several central banks raise interest rates to control inflation.
And last June, the Bank of England raised the interest rate by 0.5% to 5%.
(Prepared by: Jihan Laghmari, Editing: Shaima Hefzy and Ayat Rashwan, Contact: [email protected])
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2023-07-19 14:05:35
#Britains #annual #inflation #rate #slowed #June
