UK inflation Falls to 7.9%, Eases Interest Rate Forecasts
UK inflation in June was 7.9%, surprising analysts and reducing predictions of aggressive interest rate hikes by the Bank of England. The drop was a positive surprise after sticking at 8.7% in May. Financial markets responded with hopes of interest rates not exceeding 6% in 2023, providing relief for mortgage holders amid rising borrowing costs. However, UK inflation remains the highest among G7 economies, and challenges persist in meeting inflation targets.
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