The United Kingdom witnessed a decline in inflation, with the rate dropping to 6.7%. Notably, the unexpected dip led to speculation about a pause in interest rate hikes by the Bank of England. The consumer price index (CPI) increased by a modest 0.3 % on a monthly basis. Moreover, economists had anticipated the annual CPI figure to reach 7%, with a month-on-month rise of 0.7%. However, the actual figures painted a different picture, with July recording 6.8% annual increase and a 0.4% month-on-month decrease.
