British inflation fell to 7.9% in June, its slowest in nearly a year, easing pressure on the Bank of England to raise interest rates.

Consumer price inflation fell to its lowest level since March 2022, but remained above other rich economies.

The 12-month CPI rate decreased to 8.2% from May’s 8.7%, but still above the BoE’s 2% objective.

Investors cut BoE rate hike bets, favoring a 25-basis point rise next month.

Core inflation declined more than expected to 6.9% from May’s 7.1%, its joint highest in over 30 years.