The National Bureau of Statistics on Wednesday released the Consumer Price Index which measures inflation with the index dropping by 0.09 per cent points from 11.23 per cent in June to 11.14 per cent in July.
The latest increase was the smallest since August 2013 and the slowdown over the past two years has been driven mostly by London and the south east according to the ONS.
"These figures show that the cost of living squeeze is not yet a thing of the past", said Tej Parikh, an economist at the Institute of Directors, an employers group, noting high oil prices and a rise in utility bills.
The Asian Development Bank (ADB) had also raised its average inflation projection for India last month from 4.6% to 5% for the fiscal year, because of higher crude oil prices, a depreciating rupee and increase in MSP. Inflation numbers from July 2017 till June 2018 had adverse base effect due to GST... which had led to inflation increasing at a faster pace. Prices of clothing and footwear fell 6.7% in July.
The strongest performer was the West Midlands, which experienced house price growth of 5.8 per cent.
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Earlier this week official figures showed wages growth falling steadily over recent months, from 2.8% in February to 2.4% in June. The lowest average price is in north east England at £127,000.
John Hawksworth, chief economist at the consultancy PwC, said the recent fall in the pound would increase the cost of imports, including fuel, and add pressure on prices for businesses and consumers.
'The big question is what happens to prices when the property market's own version of Quantitative Easing is taken away?'
This is 5.7 per cent lower than in the same month past year, an between May and June 2018, transactions fell by 3 per cent.
By property type, semi-detached houses showed the biggest increase, rising by 4.4 per cent in the year to June 2018 to £216,000.
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Average house prices by English region, 2004 - 2018.
Jonathan Samuels, CEO of property lender Octane Capital, noted that the annual growth rate in London is at its lowest level since September 2009, going from hero to below zero in a matter of a few years and now similar to the North East as a stark reminder of how volatile the United Kingdom property market can be in the short term.
Andy Soloman, Yomdel, says: "While the rate of annual growth remains at a low there are further signs of house price growth stability with another monthly uplift, signs that should help bring a renewed confidence to the wider economy in time".
'The 9.6 per cent house price growth for new builds is in marked contrast to the cost of homes bought by first-time buyers which have only risen 2.8 per cent over the past year.
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