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UK Inflation dips below expectations, reaches 15-month low of 7.9%
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livemint.comIn a big relief to struggling households, inflation in the UK has sharply fallen below expected levels to 7.9%, official figures revealed on Wednesday. With this the inflation rate reached to a 15-month low mark in June this year.
The recent development is likely to ease the pressure on the Bank of England to raise interest rates. According to the National Statistics, the inflation rate, as measured by the consumer prices index, tumbled to 7.9% in the year to June from 8.7% the previous month.
Most economists had expected a more modest decline to 8.2%. Soon after the release of the data, European stocks and government bonds rallied on Wednesday. London's blue-chip FTSE 100 added 0.6% and the domestically focused FTSE 250 rose 1.2%.
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