There were 7% less deaths registered in week 26 of 2020 than if death rates had been the same as week 26 in 2019, according to the Continuous Mortality Investigation (CMI).
This comes a week after the CMI announced England and Wales had recorded a lower number of week-on-week deaths comparative to 2019 for the first since the outbreak of Covid-19.
The CMI's weekly mortality monitor analyses Office for National Statistics (ONS) figures based on provisional England and Wales deaths data.
The week 26 (20-26 June) update shows there have been around 62,500 more deaths in the UK since the start of the pandemic than if mortality rates were similar to those experienced in 2019. This is a decrease on the prediction of 63,500 last week.
CMI mortality projections committee chairman Cobus Daneel said: "For the second week running, the latest ONS data shows fewer deaths than we might expect at this time of year, but we must remain cautious."
People living in more deprived areas have seen the biggest increase in mortality rates as a direct result of coronavirus, while the number of excess deaths over the past few months has predominantly been driven by experience at older ages. The impact on men throughout the pandemic has been slightly greater as well.
Despite this, the CMI said that there was little variation across the socio-economic spectrum throughout the pandemic due to the generally heavier mortality rates experienced in more deprived areas within England and Wales. Mortality rates nearly doubled across all socioeconomic areas during the peak of the pandemic in early April around Easter.
A quarterly update for 2020 from the CMI - also released yesterday (7 July) - found the average mortality rate in the last 12 months is now higher than any time since mid-2010.
The frequency of the CMI's mortality monitor is now set to reduce as both England and Wales have lockdown restrictions eased.
Both countries began their 17th week of lockdown on 6 July with the next government review of restrictions expected no later than 21st July.
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