The Consumer Price Index (CPI) for June 2023 showed a decrease in UK inflation, falling from 10.7% to 8.5%. This positive development can be largely attributed to the reduction in petrol prices, which have seen a significant drop since their peak earlier this year. Experts point out that while overall inflation remains high, the decline in fuel costs provides a much-needed respite for consumers and could signal a potential trend towards easing inflationary pressures.
