For June the rate rose by 0.2%, mirroring the same month in 2023, but over the 12 months up until June 2024, the figure rose by 2%, the same as May 2024.

Food and second hand car prices kept the rate down, while hospitality costs rose.

Although June 2024 and 2023 showed the same inflation rate, the rate over the 12-month period until June 2023 was 7.9%, a significant difference from last month’s rate, and should point towards a rate cut from the Bank of England.

David Bharier, head of research at the British Chamber of Commerce said: ‘Thes data indicating a 2% increase in the CPI rate shows the UK is exiting its three-year inflation crisis and makes a bank rate cut more likely.

‘Risks remain, with global conflicts and trade tensions major sources of uncertainty, and services inflation proving stubborn.