Britain has fallen into official deflation for the first time since 1960, according to new figures from the Office for National Statistics (ONS).
The Retail Price Index (RPI) dropped to -0.4% from 0.0% in February, largely due to house depreciation and mortgage interest payments. There were also large downward contributions from food and fuel prices as well as travel costs. The Consumer Price Index (CPI) also fell from 3.2% to 2.9% in the year to March and is tipped to fall further in the coming months. Over the same period, the all items RPI excluding mortgage interest payments index (RPIX) also lost ground, sliding 0.3% since February to 2.2% in March. The change in RPI annual rate came predominantly from house depreciation. ...
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