The inflation rate for June stands at 6.9%, the lowest rate since March 2022.

The figure measured by the consumer prices index is down from 7.6% from the previous month.

Inflation measures the annual increase in the cost of living, expressed through the prices paid for goods and services by an average household.

In the past 12 months, food and non-alcoholic beverages has been the biggest contributor to the rate of inflation, with an increase of 16%

Within this category, pork experienced the largest price increase at 35.8% in the 12-month period, with eggs second, increasing by 32.7% and sugar and preservatives going up by 30.6%.

Restaurants and hotels saw the second largest hike since June 2022, having risen by 13.4%, the category considers catering, beer on sale and wine and spirits on sale.

Within this category wines and spirits saw the largest increase at 22.4%.

The third biggest contributor in the period was alcoholic beverages and tobacco which increased by 8.9% in the past year.

The only category that saw prices fall over the past 12 months was education, which decreased by 10.1%, the category comprises private education fees and preschool fees.

In comparison with May, there was a slight decrease (0.3%) in price for alcoholic beverages and tobacco, a 0.4% decline for housing, water, electricity, gas and other fuels, and a 0.3% decrease for furniture, household equipment, and maintenance.

The largest increase on the previous month was transport, with a 3% increase.

In the past year, inflation rates peaked in July 2022, reaching 10.8%.

In 2023, the month with the highest rate of inflation was March with 9.1%, which month-on-month has steadily fallen since.

The UK’s inflation rate for June 2023 was 7.1%.