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18/11/2008
Consumer Inflation Drops By Record Rate To 4.5%
UK inflation has fallen by a record rate in October to 4.5%, as oil, food and transport costs dropped, official figures have revealed.
The Consumer Prices Index (CPI) measure dropped in September, from the 16-year peak of 5.2%.
The Office for National Statistics said a drastic fall in transport costs, along with lower food and fuel process helped push the CPI down to its lowest rate since July.
The Retail Prices Index (RPI), the alternative measure of inflation - sometimes referred to the "headline" rate of inflation - this includes housing costs, fell from 5% to 4.2%. This is the biggest fall since 2003.
Crude oil plummeted from record highs in mid-July, which then saw the average price of a litre of petrol fall from 7.1p to 104.5p in October, and diesel drop by around 7p to an average of 116.3p per litre.
Core inflation - which excludes volatile items like energy, alcohol, tobacco and food - also dropped to 1.9% from 2.2% in September.
This indicates retailers are continuing to cut prices in an attempt to attract consumers as Britain faces an economic recession.
David Kern, chief economist at the British Chambers of Commerce, said: "The declines in inflation were much sharper than the markets were expecting.
"We predict further sharp falls in CPI inflation towards one per cent in the final months of 2009. Deflation would have appalling consequences for British business and for the economy as a whole so it is imperative that the Government and the Bank of England take forceful action."
Mervyn King, the Governor of the Bank of England, said it is now "very likely" that the UK's retail price index will turn negative next year.
(JM)
The Consumer Prices Index (CPI) measure dropped in September, from the 16-year peak of 5.2%.
The Office for National Statistics said a drastic fall in transport costs, along with lower food and fuel process helped push the CPI down to its lowest rate since July.
The Retail Prices Index (RPI), the alternative measure of inflation - sometimes referred to the "headline" rate of inflation - this includes housing costs, fell from 5% to 4.2%. This is the biggest fall since 2003.
Crude oil plummeted from record highs in mid-July, which then saw the average price of a litre of petrol fall from 7.1p to 104.5p in October, and diesel drop by around 7p to an average of 116.3p per litre.
Core inflation - which excludes volatile items like energy, alcohol, tobacco and food - also dropped to 1.9% from 2.2% in September.
This indicates retailers are continuing to cut prices in an attempt to attract consumers as Britain faces an economic recession.
David Kern, chief economist at the British Chambers of Commerce, said: "The declines in inflation were much sharper than the markets were expecting.
"We predict further sharp falls in CPI inflation towards one per cent in the final months of 2009. Deflation would have appalling consequences for British business and for the economy as a whole so it is imperative that the Government and the Bank of England take forceful action."
Mervyn King, the Governor of the Bank of England, said it is now "very likely" that the UK's retail price index will turn negative next year.
(JM)
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12 December 2005
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
12 April 2005
UK house prices fall, report shows
UK house prices fell by 0.5% between January and February, figures from the Office of the Deputy Prime Minister (ODPM) have shown. The drop in prices, which saw the average house price in the UK in February fall to £179,491 from £180,465 in January, is smaller than the 1% fall reported in the same period last year.
UK house prices fall, report shows
UK house prices fell by 0.5% between January and February, figures from the Office of the Deputy Prime Minister (ODPM) have shown. The drop in prices, which saw the average house price in the UK in February fall to £179,491 from £180,465 in January, is smaller than the 1% fall reported in the same period last year.
13 August 2007
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
13 June 2005
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.
14 February 2005
Drop in house prices reported over Christmas period
The latest government figures have shown that overall UK house prices fell in December last year by 0.7%, compared to a 2% rise in the same period last year. Figures published by the Office of the Deputy Prime Minister, showed that UK annual house price inflation in December 2004 was 10.7%, a drop from 13.7% in November.
Drop in house prices reported over Christmas period
The latest government figures have shown that overall UK house prices fell in December last year by 0.7%, compared to a 2% rise in the same period last year. Figures published by the Office of the Deputy Prime Minister, showed that UK annual house price inflation in December 2004 was 10.7%, a drop from 13.7% in November.
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