On July 23, Guolonghui reported that in the past year, the decline in core inflation in the UK was mainly due to the decline in commodity prices. There are three reasons for the decline in commodity prices: many consumers purchased durable goods during the epidemic period, which means they do not need to buy new durable goods immediately. Incomes have become tighter, resulting in consumers cutting back on durable goods consumption. The supply chain has been greatly relieved, which has brought additional pressure on prices. However, this situation may not continue. Actual income is now rising again. At some point, consumers will need durable goods again. In addition, freight has recently become more expensive. In short, inflationary pressures may rise again. If durable goods prices stop falling while service prices remain high, the room for core inflation to decline in the UK will be small. Correspondingly, the space for the Bank of England to lower interest rates further will also be smaller.