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17/07/2012
Inflation Rates Falls To 2.4%
UK prices are rising at their slowest rate since the end of 2009, according to official figures.
The Office for National Statistics have said that the annual inflation rate, as measured by the Consumer Prices Index, fell to 2.4% in June, down from from 2.8% in May.
The rate of inflation, which indicates how fast prices are rising compared with a year earlier, is slowing due to lower food, fuel and clothing prices.
Alongside this the Retail Prices Index, which includes housing costs, fell to 2.8% from 3.1%.
This is the third month in a row that CPI has fallen.
The biggest contributor to the fall was clothing and footwear, which was 4.2% lower, which the ONS have said could be due to retailers starting their summer sales early.
Overall, alcohol and transport costs were down by 0.5%, with food prices 0.1% lower.
The slowing of the inflation rate brings it closer to the Bank of England's target of 2%.
(H)
The Office for National Statistics have said that the annual inflation rate, as measured by the Consumer Prices Index, fell to 2.4% in June, down from from 2.8% in May.
The rate of inflation, which indicates how fast prices are rising compared with a year earlier, is slowing due to lower food, fuel and clothing prices.
Alongside this the Retail Prices Index, which includes housing costs, fell to 2.8% from 3.1%.
This is the third month in a row that CPI has fallen.
The biggest contributor to the fall was clothing and footwear, which was 4.2% lower, which the ONS have said could be due to retailers starting their summer sales early.
Overall, alcohol and transport costs were down by 0.5%, with food prices 0.1% lower.
The slowing of the inflation rate brings it closer to the Bank of England's target of 2%.
(H)
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