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Inflation approaching zero?

18 Feb 2015

UK inflation was 0.3% in the year to January 2015, according to figures released by the Office for National Statistics (ONS) yesterday

This is the smallest increase in consumer prices since the data began in 1996, and the Bank of England has said it expects inflation to fall further between now and the General Election in May - it may even turn negative. However, the Bank still expects inflation to return to the target rate of 2% by the end of 2017

The fall was attributed mainly to the falls in prices of fuel and food compared to this time last year, but that clothing offset the lower reading slightly (clothing prices fell, but not by as much as the same period last year)

Capital Economics, a consultancy, calculates that the drop in inflation has benefitted households by £350 over the past six months

The extra money in peoples' pockets should add to the current economic momentum, and help the recovery. With wage pressure still benign, and interest rates not likely to increase this year, confidence in student accommodation investment should continue to be high

See the full ONS inflation release here

 

 

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