The UK’s inflation rate fell to 2.6 percent in June, the first fall since October last year driven by a drop in petrol prices.

The latest figure is down from 2.9 percent in May, official figures showed on Tuesday, but still remains ahead of wage growth. Average wage inflation stands at 2 percent, excluding bonuses.

It is the lowest inflation figure since February 2015, with fuel prices falling by 1.1 percent between May and June 2017, the fourth successive month of price decreases.