The Express struggled to wrap its head around inflation this morning, much to the amusement of people on social media.
Inflation eased by more than expected to its lowest level for 15 months in a sign that price rises may finally be slowing down.
The Office for National Statistics (ONS) said Consumer Prices Index inflation was 7.9 per cent in June, down from 8.7 per cent in May and its lowest rate since March 2022.
Most economists had expected the rate of inflation to fall to 8.2 per cent in June.
The ONS said falling fuel prices was the biggest driver behind the drop, while food price inflation also pared back to 17.3 per cent from 18.7 per cent in May, though still painfully high.
ONS chief economist Grant Fitzner said: “Inflation slowed substantially to its lowest annual rate since March 2022, driven by price drops for motor fuels. Meanwhile, core inflation also fell back after hitting a 30-year high in May.
“Food price inflation eased slightly this month, although it remains at very high levels.”
Splashing the news on its front page this morning, The Express said prices “must drop now” that inflation has eased.
Unfortunately, as the video above demonstrates, that’s not quite how it works.
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