UK inflation rate drops to 6.8% as energy costs ease

UK inflation slowed in July due to falls in the price for gas and electricity, official figures show.

Inflation, which measures how prices change over time, fell to 6.8% in the year to July, down from 7.9% in June.

Chancellor Jeremy Hunt said July’s figures on the cost of living showed the action the government had taken “is working”.

But he warned “while price rises are slowing, we’re not at the finish line”, reiterating the government’s plan to halve inflation by the end of this year.