Manufacturers’ costs fell last month for the first time in almost a year, official data showed on Monday, boosting hopes that the intense pressures fuelling inflation will eventually ease to reflect the recent drop in oil prices.

The Office for National Statistics said the input prices producers paid for raw materials and fuels fell by 0.6 per cent between June and July, after seasonal adjustment – although that still left costs 30.1 per cent higher than a year ago.