Inflation remains in freefall

The Retail Prices Index (RPI) was pushed into greater negative territory, falling to minus 1.6% in June from minus 1.1% the previous month. It is now at its lowest since records started in 1948.

Inflation under the Consumer Prices Index rose by 1.8% — down from 2.2% in May. This is the first time since 2007 it has dropped below the bank of England’s 2% target rate.