Lower Pump Prices Push UK Inflation Down To 2.6% In Year To June

UK inflation fell to 2.6% in the 12 months to June, down from 2.8% in May, primarily driven by a significant decrease in transport costs due to falling crude oil prices in June. This announcement by the Office for National Statistics (ONS) will be closely reviewed by the Bank of England ahead of its Monetary Policy Committee meeting next week, though rising wholesale oil costs from ongoing geopolitical tensions could temper hopes for lower borrowing costs.