UK Inflation Rate Slows Down to 2.6%, But Experts Warn of Upcoming Increase

The UK's inflation rate has slowed down to 2.6% in the year to June, according to the Office for National Statistics (ONS). This is a decrease from 2.8% in the previous month and is largely due to lower fuel and food prices.

Food price inflation fell by 0.2% month-to-month, with sugar, chocolate, and confectionery seeing the largest drop in price. Beef and veal price inflation eased from 9.4% to 5.1%, while edible offal slowed from 9.2% to 3.4%. Some other food items, such as pizza and quiches, fell by 6.7% in the year to June.

The British Retail Consortium (BRC) attributed lower food inflation to 'intense competition between supermarkets'. They urged the government to take practical steps to reduce everyday business costs.