UK's annual inflation down to 6.8% in July

The annual inflation rate in the UK came in at 6.8% in July, down from 7.9% in June, the country's statistical authority revealed on Wednesday.

While falling gas and electricity prices provided the largest downward contribution to the inflation, food prices rose in July on a monthly basis, the Office for National Statistics said.

"Hotels and passenger transport by air were the classes that provided the largest offsetting upward contributions to the change in the rate," according to the statistical bureau.

On a monthly basis, the consumer price index (CPI) was down by 0.4% last month, while it was at 0.6% in July 2022.

Core annual CPI, excluding energy, food, alcohol, and tobacco, rose by 6.4% in July, the same level with June.