Despite a drop in food inflation in June, the rate of consumer price hikes in the United Kingdom is still at a high level and continues to have an impact on consumer spending at retail.

The annual rate of general inflation, measured by the Consumer Price Index (CPI), fell to 7.9 percent in June, its lowest level in well over a year, and down from 8.7 percent in May, according to official figures from the Office of National Statistics (ONS).