The UK's retail price index rose just 1% in the 12 months to June according to the Office for Nation...
The UK's retail price index rose just 1% in the 12 months to June according to the Office for National Statistics, the lowest such annual increase on record since the mid-1970s and news that is likely to ease pressure on the Bank of England to raise rates when its Monetary Policy Committee meets next month.
Although house prices are still rising fast, the RPI figure is down from 1.1% in May as food producers, retailers and services providers cut costs to compete and retain market shares.
The retail price index excluding mortgates registered an even greater fall, with this index registering a 12-month rise of just 1.5%, down from 1.8% in May.
A major driver of falling inflation has been steady fuel prices coupled with cuts to vehicle insurance costs.
Prices for seasonal foods, including potatoes, vegetables and fresh fruit fell during the month.
Housing continues to be the biggest cause of inflation, with house prices still going up, and mortgage payment costs rising faster than the same time last year.
Package holiday prices are also higher than last June.
Clarke replacing Balkham
'Deep-dive analysis of client behaviour'
Ways to mitigate April’s increases
The best equity income funds examined