UK inflation continues sharp descent to 6.8% in July

Lowest in 17 months

Elliot Gulliver-Needham
clock • 1 min read

UK inflation continued its sharp descent last month, falling to 6.8% from 7.9% in June, its lowest level in 17 months.

On a monthly basis, CPI fell by 0.4% in July 2023, compared with a rise of 0.6% in July 2022, data from the Office for National Statistics revealed today (16 August). US retail sales beat expectations to rise 0.7% in July This drop came largely from electricity and gas prices, as gas prices fell 25.2% throughout the month, the highest recorded fall in the price of gas since the ONS data series began in 1988, providing a 0.4 percentage point drop to the inflation rate alone. Meanwhile, electricity fell by 8.6% over the month, meaning it provided a downward contribution of 0....

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on UK

Charles Randell (pictured), former chair of the Financial Conduct Authority
UK

Former FCA chair Randell joins line-up of ten City advisers to Labour party

abrdn and Schroders chair among the ranks

Valeria Martinez
clock 08 December 2023 • 2 min read
Permanent job placements fell at the second-fastest rate since June 2020, while temporary hires returned to a decline after two months of growth.
UK

Economic uncertainty slows hiring activity as wage pressures recede in November

Rise in candidate supply

Valeria Martinez
clock 08 December 2023 • 2 min read
Paul Martin, UK head of retail at KPMG, said the 'limping' sales growth so close to Christmas was evidence the cost of living crisis was taking its toll on spending.
UK

Early Black Friday fizzles out with lacklustre November retail sales

Growth of 2.7% in November

Laura Miller
clock 05 December 2023 • 2 min read
Trustpilot