The Office for National Statistics said this week that the UK’s rate of inflation fell to 1.9% in July, below the government’s target of 2%.

Inflation was at 3.1% in March and 2.4% in June. The unexpected drop to 1.9% is the largest decline since May 2002. Weaker food prices, including bakery products, resulting from supermarkets price cuts added to the decline.

But the Bank of England warned that due to the floods, it expects the price of food will soon rise.