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News - 15 October 2014

Inflation at a five year low

The Office for National Statistics (ONS) has produced their latest inflation figures as measured by the Consumer Prices Index, which show that UK inflation fell to a five-year low of 1.2% in September from 1.5% the month before.
The ONS cited lower energy and food prices and also cheaper transport costs as factors in the drop.

The Retail Prices Index measure of inflation fell to 2.3% from 2.4% in August.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Lower fuel costs and a supermarket price war are being credited for the latest dip in the annual rate of inflation. Price cuts by the major supermarkets to help keep customers from making a switch have been made at a time of wider price falls in commodities such as wheat and oil, and although margin reductions are eating into their profits, they see maintaining and growing market share as vitally important.”

Until December last year, the CPI rate of inflation had outstripped the Bank's 2% target every month for five years, but it has now been below that for nine months in a row.

Bank of England governor Mark Carney has to write a letter to the chancellor if it deviates by one percentage point from the 2% benchmark.

The pound fell sharply after the figures were released as the sharper-than-expected drop meant it was less likely that the Bank of England would need to take action soon to raise the base rate of interest from its five-year low of 0.5%.

The CPI figure means that state pensions will rise by 2.5% or £2.85 a week as the Government's so-called 'triple lock' ensures an increase of whichever is the greater out of average earnings, September's inflation rate or 2.5%.

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.
 

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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