UK inflation has fallen to its lowest level in more than a year as price rises slowed by more than expected, APA reports citing BBC News.
The rate fell sharply to 7.9% in June, down from 8.7% the previous month, although it remains almost four times higher than the official target.
Falling fuel prices contributed to the drop, while food prices rose less quickly than in June last year.
UK inflation is now at its lowest annual rate since March 2022, with the fall being described as "substantial".
"It is a large drop but let's forget that last month we saw no change at all in headline inflation so in some ways what we are seeing this morning is catching up with the falls we've seen in other similar countries," Grant Fitzner, chief economist at the Office for National Statistics (ONS), which publishes the figures, told the BBC's Radio 4's Today Programme.
"We are falling as we have seen in other countries but it still looks like we may have the highest rate of inflation in the G7 [group of developed nations], so still some way go."
The price of food, energy and services has shot up since last year, squeezing households.
In response the Bank of England has put up interest rates 13 times since December 2021 to try to ease inflation, which is the rate at which prices rise over time.
It hopes that by making borrowing more expensive, consumers will spend less and price rises will cool. However, inflation has remained stubbornly high, worrying policymakers.
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.
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