UK inflation continues sharp decline as July sees drop to 6.8%

On a monthly basis, Consumer Prices Index inflation 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). 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 Office for National Statistics 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 0.2 percentag...