The 12-month inflation rate fell from 1.1% to 0.5% in August, with the government’s Eat Out to Help Out scheme by far the largest contributor to the decline, Office for National Statistics figures released this morning (16 September) show.
Falling prices in cafes and restaurants across the country made a downward contribution of 0.44 percentage points to the Consumer Prices Index (CPI) including owner occupiers' housing costs (CPIH) 12-month rate. Airfares and clothing prices also contributed to the downward trend, which was partially offset by rising prices among games, toys and hobbies, accommodation services, road transport services and second-hand cars. The CPI 12-month rate was 0.2% in August 2020, down from 1.0% in July. Neil Birrell, chief investment officer at Premier Miton, said: "The inflation data in th...
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