Inflation dropped to 6.8% in the year to July, according to the Office for National Statistics (ONS). The consumer price index (CPI) measure of inflation shows the rate fell from 7.9% in June.
An economist has warned"people at the bottom end are getting squeezed" by high inflation.
"It's encouraging that pay is outpacing price growth, but any financial boost is likely to be swallowed up by higher taxes, borrowing costs and rent, so for most people this won't feel like a turning point in the cost-of-living crisis," he says., says the crisis"may finally be beginning to wane" but people across the country are"still under immense pressures".
Inflation has slowed to its lowest point for 17 months , but with wage growth accelerating it's still likely that we'll see the Bank of England hike the base rate again next month. We've compared the costs of shopping items to what they were three years ago to see what the cumulative impact of inflation has been.
Use our calculator to see how much prices in your shopping basket have risen in total since three years ago:News that inflation has eased is"welcome" but it won't bring huge change to low-income families struggling to afford essentials, says anti-poverty charity the Joseph Rowntree Foundation.said the"reality" is that the slowdown"will bring little respite to the 3.
"The UK has experienced the third largest price pressures of any advanced economy since the pandemic.Things 'moving in right direction' - but there's a 'worrying sign' in data Services price inflation rose from 7.2% in June to 7.4% last month, and with yesterday's labour market figures showing wage growth strengthening, the Bank of England is likely to"press ahead with another 25 basis point hike" in September, she said.
Remember, the government's target is to bring inflation down to 5% this year - and today's 6.8% figure for July suggests it is in line with expectations on doing that.
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