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19/03/2013
CPI Rises To 2.8%
In February the UK’s consumer price inflation (CPI) rose to 2.8%, thought to be the result of rising energy prices, figures from the Office for National Statistics (ONS) show.
The Bank of England's inflation target for the CPI is 2%.
Before February, CPI inflation had been 2.7% for four months in a row.
The ONS said the largest upward contributions to the change in the CPI came from domestic fuel bill increases, which had been expected, as well as prices for cameras and games, where competition, which had been fierce, has abated.
Other upward price pressures came from recreational goods, such as cameras and computer games, the ONS said.
The headline rate of retail price index (RPI) inflation fell to 3.2% in February, from 3.3% in January,
The Treasury, which is preparing to announce this year's Budget on Wednesday, said that the increase in CPI was "in line with market expectations", adding that it had fallen by almost a half from its peak of 5.2%.
(H)
The Bank of England's inflation target for the CPI is 2%.
Before February, CPI inflation had been 2.7% for four months in a row.
The ONS said the largest upward contributions to the change in the CPI came from domestic fuel bill increases, which had been expected, as well as prices for cameras and games, where competition, which had been fierce, has abated.
Other upward price pressures came from recreational goods, such as cameras and computer games, the ONS said.
The headline rate of retail price index (RPI) inflation fell to 3.2% in February, from 3.3% in January,
The Treasury, which is preparing to announce this year's Budget on Wednesday, said that the increase in CPI was "in line with market expectations", adding that it had fallen by almost a half from its peak of 5.2%.
(H)
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Interest rates kept on hold
The Bank of England has voted to keep interest rates at 5.25% for the second month in a row. The decision is good news for borrowers, as there had been fears that interest rates would be increased to 5.5% this month. If this had happened, homeowners with an average £100,000 mortgage would have faced a rise of £16 per month on their repayments.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
