The Office for National Statistics (ONS) has revealed that the Consumer Price Index (CPI) has dropped to 7.9% in the 12 months to June 2023, down from 8.7% in May, and down from a recent peak of 11.1% in October 2022.
On a monthly basis, CPI rose by 0.1% in June 2023 compared with a rise of 0.8% in June 2022.
The CPI including owner occupiers' housing costs (CPIH) rose to 7.3% compared to 7.9% in May.
According to ONS data, falling prices for motor fuel led to the largest downward contribution to the monthly change in CPIH and CPI annual rates.
Food prices rose in June 2023 but by less than in June 2022, also leading to an easing in the rates.
Meanwhile, the latest House Price Index (HPI) data — released in tandem with the inflation figures — showed that UK average house prices rose by 1.9% in the year to May 2023.
Average house prices came in at £286,000 in May, which is £6,000 higher than a year ago, but the same as the previous month’s figure.
