U.K. inflation cooled significantly in June, coming in below consensus expectations at 7.9% annually.
Governor Andrew Bailey and U.K. Finance Minister Jeremy Hunt told an audience in the City of London earlier this month that high wage settlements were harming their efforts to contain inflation.that the U.K. will experience the highest level of inflation among all advanced economies this year, with a headline annual rate of 6.9%.
"June's decline in inflation should be followed by a hefty fall in July, with lower energy bills – following the reduction in Ofgem's energy price cap – likely to pull the headline rate below 7%," Thiru said in a statement. Marcus Brookes, chief investment officer at Quilter Investors, said that the fall in CPI represented a "glimmer of light," but "still leaves us wondering once again why the U.K. is such a drastic outlier" among major economies when it comes to inflation.
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