Interest rate forecasts change sharply in space of an hour - as inflation drop a 'watershed moment' for UK | Live updates
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"I think it's [inflation dropping] been a bit of a team effort to be honest," he added, reacting to the figures. It represented a"massive improvement" on May's figures and offered reassurance after experts predicted a drop between April and May, but figures stayed the same. "We're seeing the first fruits of that, but there's a long way to go," he said, pointing to high food prices and that fuel, although going down, is still at a significantly higher rate than before.
The pound is set to record its biggest one-day drop of the month after the UK's inflation figures for June were published by the Office for National Statistics. "Today's fall in CPI inflation is a small step in the right direction for the UK economy, but high wage growth and stubborn underlying prices show there is still a long journey ahead to drag inflation back down into more stable territory," he said.Interest rate predictions have fallen quite sharply since the 7am inflation figure came in.
Mr Shapps pointed to the government's efforts to bring energy prices down with various schemes, including the latest price cap which was implemented at the start of this month, as indicators that halving inflation is being taking seriously. This relatively significant easing of energy costs should, in turn, substantially bring down inflation - however, it is one of many factors that impact inflation and cannot be wholeheartedly relied upon to bring that headline figure down. 'We aren't complacent - stick to the plan': Chancellor reacts as inflation drops to 7.9%
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