![]() Falling fuel prices will be welcome to the millions of drivers across the country, but how else is the drop in inflation going to impact people still struggling with the cost of living crisis? What does it mean for food prices? The average petrol and diesel prices were at 143p and 145.7p a litre respectively last month, compared with 184p and 192.4p a litre a year earlier. ![]() The ONS said falling fuel prices were the biggest driver behind the drop, down by a record 22.7% in June. Most economists had expected the rate of inflation to fall to 8.2% in June. The Office for National Statistics (ONS) said Consumer Prices Index inflation was 7.9% in June, down from 8.7% in May and its lowest rate since March 2022. The government, economists and the financial industry are all hailing today's unexpected drop in inflation as good news, but does it actually help people struggling with the cost of living crisis? ![]() Analysts have welcomed the drop in inflation but most people are not likely to see much difference, ITV News' Business and Economics Editor Joel Hills reports
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