The next UK government is poised to benefit from falling inflation and fuel prices | Family Finance

Britain's next government is expected to benefit from slower inflation and falling fuel prices easing pressure on household finances, but for many households the cost of living remains too high.

Figures from the British Retail Consortium (BRC) show that annual price growth in UK stores slowed to 0.2% last month, down from 0.6% in May and the lowest level since October 2021. This was as retailers cut prices on staples such as butter and coffee.

Petrol and diesel prices fell for a second month in a row in June, helping to ease the pressure on families struggling to cope with the cost of living crisis, separate figures from the RAC, released ahead of Thursday's general election, showed. But the organisation said it was still too expensive to fill up at a gas station in England, Wales and Scotland.

According to the RAC's monthly fuel monitor, the average price of petrol in the UK at the end of June was just under 145p a litre, down from 148p at the start of the month. Diesel fell from around 154p to around 150p.

The RAC said that despite a second consecutive month of falling fuel prices, they were still far from affordable. It highlighted the low cost of fuel in Northern Ireland, where petrol is on average 4.5p a litre cheaper and diesel 8p cheaper than in the rest of the UK.

Simon Williams, RAC policy director, said: “While it is good news that petrol pump prices have fallen for a second month in a row, there is also a bittersweet feeling that UK motorists are still being treated unfairly, with petrol and diesel still much more expensive than in Northern Ireland.

He said the most expensive petrol stations were those owned and operated by Shell and BP, highlighting data from the Competition and Markets Authority showing Shell-owned sites were the most expensive in Britain.

“I still can’t understand how the very same fuel can be sold at such vastly different prices across the largest retailers, whether they are run by supermarkets or the world’s largest oil companies,” he said.

Rishi Sunak has made lowering inflation a cornerstone of the Conservative general election campaign after the Bank of England cut its official base rate to 2% in May from a peak of 11.1% in October 2022.

But shadow chancellor Rachel Reeves said the pressure on household finances remained severe, with average prices still much higher than before the cost of living crisis took hold.

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Food inflation slowed to 2.5% in June, down from 3.2% in May, the 14th slowest annual growth rate in food prices, according to the BRC’s latest snapshot. The figure suggests that average prices in UK shops are continuing to rise, but at a slower pace than in previous months.

Helen Dickinson, BRC's chief executive, said retailers had cut prices on some key products, including butter and coffee. Non-food prices have also fallen into deflation, with average prices falling compared to a year ago as stores try to boost sales by discounting products.

This is especially true for TVs, which have good deals to take advantage of the euro fever, she said. Whoever wins Thursday's election will help retailers cut costs and prices, easing the cost of living for millions of families.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/money/article/2024/jul/02/next-uk-government-poised-to-benefit-from-fall-in-inflation-and-fuel-prices The mention sources can contact us to remove/changing this article

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