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This is the best summary I could come up with:
The UK’s annual inflation rate fell sharply to 6.8% in July, down from 7.9% in June, as the drop in energy prices over the past year led to the smallest increase in the cost of living since February 2022.
Financial markets had been braced for a marked easing in upward price pressure last month, and the figure announced by the Office for National Statistics (ONS) was in line with their prediction.
The ONS said the main reason behind the fall was that the big jump in gas and electricity bills in July 2022 had not been repeated, although there was also a decline in annual food inflation last month to below 15%.
The shadow chancellor added: “After 13 years of economic chaos and incompetence under the Conservatives, working people are worse off – with higher energy bills and prices in the shops.”
Two years ago, inflation measured by the consumer prices index (CPI) stood at 2% – in line with the government’s target – but it rose steadily in the months that followed and hit 6.2% in February 2022.
Russia’s invasion of Ukraine in that month gave an added boost to inflationary pressure by pushing up global oil and gas prices, and inflation peaked at 11.1% in October before falling back.
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