The latest inflation figures from National Statistics has shown an unexpected fall in the rate of in...
The latest inflation figures from National Statistics has shown an unexpected fall in the rate of inflation, possibly giving the Bank of England room for another rate cut before the end of this year.
The Office for National Statistics figures show that annualised RPI inflation fell to 2.9% in June, down from 3% in May.
Annualised RPIX inflation, which measures the RPI excluding mortgage interest payments, fell to 2.8% from 2.9%.
Falls in prices for leisure, steady housing costs, and falling telecommunications costs all contributed to the fall.
The cost of food and motoring expenses increased faster than at the same time last year.
Inflation as measured by HICP, the new index that the government has committed to using for forecasting purposes and which is more readily recognisable across the EU, fell to 1.1% in June from 1.2% in May – compared to the EU average of 1.8% last month and 2% in May.
HICP, the harmonised index of consumer prices, is set to be adopted by the Treasury as soon as November this year, and it could lead to further interest rate cuts because it historically has been at levels 1% below RPIX.
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