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Inflation rate remains at 1.8 per cent

The UK inflation rate has unexpectedly held at 1.8 per cent as sales in the likes of DVD’s, computer games and alcohol rose.

Many economists had expected the Consumer Prices Index to decline further in July, while the Retail Prices Index also surprised with a rise from -1.6 to -1.4 per cent.

The CPI fall to 1.8 per cent in June was the first time in two years it breached the Bank of England’s target of 2 per cent.

Earlier this month, the BoE said the growth in consumer prices could temporarily fall below 1 per cent in the autumn.

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