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UK inflation falls to 2.2%

UK Britain Union Jack Bunting 480

The UK consumer prices index fell 0.3 per cent to 2.2 per cent in September, according to the Office for National Statistics.

The consumer prices index fell from 2.5 per cent in August, while the retail prices index fell from 2.9 per cent in August to 2.6 per cent in September.

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 inthe same month, its highest point since June 1991.

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

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

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