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17/01/2006
Inflation rate drops to 2% target
The latest figures from the Office for National Statistics (ONS) have revealed that inflation has fallen to the 2% in December, meeting government targets.
For the second successive month, the largest downward effect on the Consumer Prices Index (CPI) annual rate was attributed to transport related influences.
Seasonal increases in airfares to international destinations were less than a year ago, and petrol and diesel prices fell for the third consecutive month.
The average price of petrol at the forecourts was down by around 3 pence per litre, compared with a fall of 2 pence a year ago.
The monthly report noted a small downward contribution from furniture, furnishings and carpets, due mainly to a combination of prices increasing in December by less than a year ago and a fall in the weight of this component in 2005. However, this was partially offset by small upward contributions from most other classes of household goods.
Another downward contribution on inflation was reflected in price cutting in recreational purchases such as games, toys and hobbies. These falls were partially offset by a number of small upward effects from a variety of audio-visual goods.
The main upward contribution to the CPI annual rate came from clothing and footwear.
This was due to a mixture of some higher priced replacement stock and a reduced sales effect compared with last year, particularly for women's clothing.
While the CPI figures are good news for consumers, pending further reports on the performance of the economy, experts are divided over the likely course of interest rates - some think a rate cut is possible in February.
(SP/GB)
For the second successive month, the largest downward effect on the Consumer Prices Index (CPI) annual rate was attributed to transport related influences.
Seasonal increases in airfares to international destinations were less than a year ago, and petrol and diesel prices fell for the third consecutive month.
The average price of petrol at the forecourts was down by around 3 pence per litre, compared with a fall of 2 pence a year ago.
The monthly report noted a small downward contribution from furniture, furnishings and carpets, due mainly to a combination of prices increasing in December by less than a year ago and a fall in the weight of this component in 2005. However, this was partially offset by small upward contributions from most other classes of household goods.
Another downward contribution on inflation was reflected in price cutting in recreational purchases such as games, toys and hobbies. These falls were partially offset by a number of small upward effects from a variety of audio-visual goods.
The main upward contribution to the CPI annual rate came from clothing and footwear.
This was due to a mixture of some higher priced replacement stock and a reduced sales effect compared with last year, particularly for women's clothing.
While the CPI figures are good news for consumers, pending further reports on the performance of the economy, experts are divided over the likely course of interest rates - some think a rate cut is possible in February.
(SP/GB)
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UK inflation increases in February
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