Finally! After more than a month of consistently dire data on the state of the UK economy, fresh inflation figures are bringing some much-needed respite to mortgage holders, business owners and all those struggling with the cost of living crunch.

The cost of government borrowing fell sharply today after the ONS revealed that inflation dropped to 7.9% last month – a steeper fall than expected.

After the rate of prices rises refused to budge in April and May, economists had anticipated a modest drop from 8.7% to 8.2%.