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Rate of Inflation at 0.0%

Released: 24 March 2015 Download PDF

Figure A: Contribution of food and motor fuel prices to the CPI 12-month rate: February 2010 to February 2015

United Kingdom

Figure A: Contribution of food and motor fuel prices to the CPI 12-month rate: February 2010 to February 2015
Source: Office for National Statistics

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The rate of inflation faced by households has fallen to its lowest level on record. The Consumer Prices Index, which measures changes in the prices of the goods and services bought by households, was unchanged in the year to February 2015, down from 0.3% in the year to January.

This means that a basket of goods and services that cost £100.00 in February 2014 would have still cost £100.00 in February 2015. While some prices (such as for motor fuels and food) are lower than they were a year ago, others (such as for clothing and rents) are higher. Prices of motor fuels and food have now fallen or remained unchanged on the year for 18 and 10 consecutive months respectively and in February, the 12-month rates for both groups were the lowest on record. Taken together, motor fuels and food price changes reduced the CPI 12-month rate by approximately 0.9 percentage points in the year to February.

The slowdown in the 12-month rate between January and February came from price movements for a range of recreational goods (particularly data processing equipment, books and games, toys and hobbies), food and furniture and furnishings.

The core inflation rate – the rate of inflation excluding goods with volatile price movements, notably energy, food, alcohol and tobacco – was 1.2% in February, 1.2 percentage points higher than overall inflation. As in most recent months, this indicates that most of the downward pull on inflation has come from price movements for goods excluded from the core calculation, notably motor fuel and food.

Source: Office for National Statistics

Background notes

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