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News - 17 February 2015

UK inflation rate at record low of 0.3%


In the latest set of figures published by the Office for National Statistics (ONS), the rate of UK Consumer Prices Index inflation fell to 0.3% in January, its lowest level since records began in 1988.

Inflation as measured by the Retail Prices Index fell to 1.1% from 1.6% the previous month.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“Average petrol prices had fallen on the month, as had prices for foodstuffs such as milk and fruit, while games, toys and hobbies had also become cheaper. Also the rate of price inflation for alcohol and some recreational goods and services had also contributed to the overall slowdown.”

Transport costs fell by 2.8% year on year, the steepest rate on record, as fuel costs dived by 16.2%.
Separate figures from the ONS, due to be released tomorrow, are expected to show annual wage rises remaining above 1.5% - easily outpacing inflation - leaving households with more cash as salaries rise and living costs ease.

The Bank of England last week forecast that the UK could even see negative inflation in the coming months, as energy bill reductions start to be fully realised in the figures, with inflation rebounding later this year.

Chancellor George Osborne said: "……. it demonstrates the clear choice between a long-term economic plan that's delivering stability and rising living standards, and the chaos of the alternatives.

Labour sought to distance the Government from taking any credit for falling prices.

Shadow treasury minister Cathy Jamieson MP said: "Inflation is falling around the world because global oil prices have plummeted.

The Bank of England last week forecast that the UK could even see negative inflation in the coming months, as energy bill reductions start to be fully realised in the figures, with inflation rebounding later this year.

If you need any help and advice on Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Liz Kennett NOW to discuss how ABDS can help in all your financial 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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