Inflation is widely thought to be dropping 🔎 Here's what experts say could happen to the UK rate in 2023
It is hoped that inflation is on course to drop to its lowest level in over a year when official figures are published this Wednesday, but the rate of price increases is still expected to be some way above 8 per cent, after reaching 8.7 per cent in May.the consumer prices index
The CPI for June will be published later this week. Economists believe that the rate of inflation will come in at around 8.2 per cent. That would mark a significant decrease from May, but would still be higher thanThere are several signs that point to inflation coming down soon. For example, the surge in food prices has started to ease off after appearing to peak in March 2023.
“Movements in petrol prices make it almost a given that CPI inflation fell in June. According to government data, prices at the petrol pumps fell one per cent between May and June 2023. This compared with a near-11 per cent increase in the same period last year,” analysts at Oxford Economics said. Paul Dales, chief UK economist at Capital Economics, said there was growing evidence that price rises are being produced by domestic factors, rather than worldwide economic ones.Even if inflation starts to fall, prices in the UK will probably never come down from where they are today, however.
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