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News - 12 November 2013

UK inflation falls to 2.2% in October a 13-month low.

The UK's inflation rate, as measured by the consumer prices index (CPI), fell to 2.2% in October from 2.7% the month before. The figure was below forecasts of 2.5% and is the lowest since September 2012.

The surprise fall saw CPI inflation drop to its lowest rate for more than a year, and eases pressure on the Bank of England to raise interest rates.

The Office for National Statistics said the fall was driven by the biggest drop in transport prices since July 2009 and technical effects related to a multi-year programme of university tuition fee rises.

In August the Bank of England (BoE) committed to keep interest rates on hold until unemployment falls to 7 percent, unless inflation threatened to get out of control. Unemployment in the three months to September was 7.7 percent.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Inflation has exceeded the BoE's 2 percent target since December 2009, in contrast to the euro zone where a sharp fall in inflation to 0.7 percent in October prompted the European Central Bank to cut borrowing costs to a record low last week.”

Data also released by the ONS showed that factory gate prices rose by 0.8 percent, their slowest since October 2009, compared to economists' predictions of a 1.0 percent increase on the year.

House prices across Britain rose by 3.8 percent, the ONS said. This compares to annual increases of 6.9 percent and 5.8 percent recently reported for October by two of Britain's biggest mortgage lenders, Halifax and Nationwide.

For those who are looking for a more personal approach on a range of issues, including Business strategy, business recovery, sale or acquisition, VAT and all other tax strategies, contact us at ABDS.

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