UK Fuelled Inflation Fall

UK Fuelled Inflation Fall.

The Consumer Price Index (CPI) remained below the Bank of England’s target of 3% at 1.7% for the second month in a row. The Office for National Statistics (ONS) has produced its figures on inflation and found that the inflation adjusted Retail Price Index (RPI) also saw a fall, with figures dropping to 2.7% from 2.8% in January.

The main contributor to this drop is motor fuels, mainly petrol.

• Petrol prices dropped by 0.8p per litre in January and February, when the year before at the same point saw a rise of 4p.
• Diesel also fell by 0.8p per litre, but had a larger rise at the same point last year with a rise of 3.7p.

Prices for household services also rose at a slower rate than last year, with home energy suppliers being affect by changes to the Energy Companies Obligation scheme this year.