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CPI remains at 2.7%

INFLATION remained unchanged last month at 2.7% although official data suggests there were significant upward and downward pressures on the figures between October and November.

The Office for National Statistics said the largest upward pressures came from food and non-alcoholic beverages (principally bread & cereals and vegetables) and housing & household services (particularly domestic gas and electricity).

The largest downward pressures came from motor fuels and furniture, household equipment & maintenance. The CPI stands at 124.4 in November 2012.

The Retail Prices Index stands at 3%, down from 3.2% in October. The largest downward pressures behind the change in the RPI rate came from motoring expenditure, housing and household goods. These were partially offset by an upward pressure from food. The RPI stands at 245.6 in November 2012.

The jump from 2.2% to 2.7% in October was put down to the rise in university tuition fees and today's news offered some relief that it did not represent a broader trend of sharp rises.

However, experts believe further pressure on the economy could see the rate rise in the New Year - possibly peaking at around 3.5%.

Source : Duncan Tift –

18 December 2012
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