UK inflation eased more than expected in June, slowing to its lowest annual rate since March 2022, the Office for National Statistics (ONS) said Wednesday.

Consumer prices rose 7.9% last month compared with a year ago, down from 8.7% in May. Economists polled by Reuters had forecast an increase of 8.2%.

"Inflation slowed substantially ... driven by drops for motor fuels," ONS chief economist Grant Fitzner said in a statement.

Core inflation, which strips out volatile food and energy costs and is a better gauge of the underlying trend in prices, came in at 6.9%, down from 7.1% in May, which was the highest rate in 31 years.

Food price inflation also fell, to 17.3% from 18.3% in May, with food prices still rising last month but by less than in May.

— This is a developing story and will be updated.