UK is still in danger of recession despite falling inflation

Inflation in the UK has dipped to 6.8% in July, marking its lowest point since February 2022. It has come down primarily due to energy regulator Ofgem's decision to adjust the energy price cap. This change has had a positive impact on the prices of everyday essentials such as milk, bread, and fuel. However, core inflation remains at 6.9%, and food prices are still seven times higher than they were a year ago.