UK inflation falls to 2.2%

UK Britain Union Jack Bunting 480

The UK consumer prices index has fallen to 2.2 per cent per cent in September, according to the Office for National Statistics.

The consumer prices index has fallen by 0.3 per cent from 2.5 per cent in August, while the retail prices index has also fallen to 2.6 per cent in September, a fall of 0.3 per cent from 2.9 per cent in August.

CPI is now at its lowest level since November 2009.

Inflation has fallen markedly since its high in September 2011, but still remains above the Bank of England’s 2 per cent target. CPI reached a record high of 5.2 per cent in September 2011 while RPI stood at 5.8 per cent in September 2011, its highest point since June 1991.

The largest downward pressures on the rate of CPI rate came from furniture, household equipment & maintenance, housing & household services and clothing & footwear. These were partially offset by an upward pressure from transport.

The largest downward pressures on RPI came from household goods, clothing & footwear and food. The only significant upward pressure came from fares & other travel costs.