Pseudo-original: UK inflation has fallen to its lowest level in over a year, and the rate at which it is falling is faster than expected. This suggests that soaring interest rates may begin to curb the worst-case scenario of wage-price spiral in the G7. The UK's Office for National Statistics announced on Wednesday that the annual CPI rate for June was 7.9%, significantly lower than May's 8.7%. Economists had predicted it to fall to 8.2%. The core inflation rate also dropped from 7.1% to 6.9%, indicating that the rapid series of interest rate hikes, the fastest in thirty years, may be starting to suppress the continuously rising prices. This could reignite speculation on how many more rate hikes the Bank of England will make. Following the release of the CPI report, the GBP/USD exchange rate experienced a sharp intraday decline, widening its losses to 0.6%.