Underlying inflation fall back to 2.1% in August 1999, according to figures released by the Office for National Statistics this morning. The underlying rate has undershot the Government’s target of 2.5% for the last five months. The continued low rate may cause business to question the Bank Of England’s decision last week to increase interest rates by a quarter point (see Interest Rates Rise By A Quarter Point).
The headline rate of inflation for August was up 1.1% year on year and 0.2% since July 1999. The Retail Prices Index (RPI) stood at 165.5 in August.
Subscribers can access RPI trends by selecting “Encyclomedia” from the drop-down box at the top of this page.
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