What does the UK’s falling inflation rate mean for you?

Whether you are working or retired, a homeowner or business owner, here is all you need to know

• UK inflation falls to 7.9%
• Which goods and services have risen most in price?
• Analysis: Rishi Sunak's targets no longer seem so hard to hit

The UK inflation rate fell back to 7.9% in June. That meant it was lower than economists expected, but it was the 23rd month running that the main consumer prices index (CPI) has overshot the Bank of England's 2% target. Although down from its recent peak of 11.1% in October, it still means the cost of living is rising rapidly.