UK inflation has fallen by over one percentage point to 6.8 percent in July, having stood at 7.9 percent in June.

With wages increasing by nearly 8.0 percent year-on-year, there may be indications that the cost of living crisis is “beginning to wane”, David Henry, an investment manager at Quilter Cheviot, suggested.

However, the headline numbers only tell part of the story.

Food prices continue to remain high, while core inflation is not falling su...