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15/11/2005
Petrol prices lead to inflation drop
Consumer price inflation fell for the first time in over a year last month, aided by a drop in petrol prices.
The latest figures from the Office for National Statistics showed that the Consumer Prices Index inflation fell to 2.3% in October.
Petrol had the largest downward effect on inflation, as prices fell back from record high prices in September.
Average recorded prices of ultra low sulphur petrol fell by 1.3p per litre in October, compared with an increase of 1.8p a year ago.
However, there were also offsetting upward effects within transport from second-hand car prices and airfares, which both fell by less than last year.
Miscellaneous goods and services also had a large downward effect, largely from bank overdraft charges, which increased by less than a year ago.
Another large downward effect came from food, with plentiful supplies of some fresh vegetables causing prices to fall this year.
Housing and household services provided a small upward effect on the CPI, with increases in gas and electricity being largely offset by rental costs, which increased by less than the previous year.
Small upward effects also came from recreation and culture, with the cost of cigarettes rising by 3p on average.
Retail Price Index inflation also dropped in October, due to additional downward influences from housing components excluded from the CPI, especially depreciation costs.
RPIX inflation, which excludes mortgage interest payments, dropped to 2.4% in October from 2.5% in September. The government’s target rate for inflation is 2%.
(KMcA/SP)
The latest figures from the Office for National Statistics showed that the Consumer Prices Index inflation fell to 2.3% in October.
Petrol had the largest downward effect on inflation, as prices fell back from record high prices in September.
Average recorded prices of ultra low sulphur petrol fell by 1.3p per litre in October, compared with an increase of 1.8p a year ago.
However, there were also offsetting upward effects within transport from second-hand car prices and airfares, which both fell by less than last year.
Miscellaneous goods and services also had a large downward effect, largely from bank overdraft charges, which increased by less than a year ago.
Another large downward effect came from food, with plentiful supplies of some fresh vegetables causing prices to fall this year.
Housing and household services provided a small upward effect on the CPI, with increases in gas and electricity being largely offset by rental costs, which increased by less than the previous year.
Small upward effects also came from recreation and culture, with the cost of cigarettes rising by 3p on average.
Retail Price Index inflation also dropped in October, due to additional downward influences from housing components excluded from the CPI, especially depreciation costs.
RPIX inflation, which excludes mortgage interest payments, dropped to 2.4% in October from 2.5% in September. The government’s target rate for inflation is 2%.
(KMcA/SP)
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