UK inflation falls to lowest level in more than a year
Rising interest rates have also driven up mortgage borrowing costs to their highest level in 15 years, leaving millions of homeowners facing higher monthly repayments.
So called core inflation - which strips out volatile elements like fuel and energy prices - also dipped in June.It means the Bank of England is still expected to raise interest rates again at its next decision in two weeks. Last month it hiked rates to 5% from 4.5%. This time it is expected to opt for a smaller rise of 0.25 percentage points.
He added that an 18-month squeeze on peoples real wages, which account for rising prices, was "coming to an end". As such, the Bank is "unlikely to substantially change its hawkish policy stance" on interest rates in the short term.
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