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Tuesday, 19 June 2012

Inflation rate falls to 2.8%

The inflation rate has fallen to 2.8% from 3.1% as the fall in oil prices and the dropping out of VAT rises are taken into account.  This is welcome relief for hard pressed consumers in the face of lack lustre wage growth.  However, much of the fall has been the result of the Eurozone crisis which has meant that there has been downward pressure on oil prices as worries persist about the strength of the global economy.

These lower than expected inflation figures will also strengthen the case of further quantitative easing by the Bank of England to try and stimulate the economy. 

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