RPI Remains Unchanged In April

The UK inflation rate remained at 3.1% in April, representing no change from March’s figure, according to the latest figures from the Office Of National Statistics (ONS).

The Government’s target rate, RPIX, was also unchanged, at 3%.

The steady rate confounded expectations of a further rise above the 2.5% target rate set by the Government and the Bank of England, leaving room to ease borrowing costs if the economy fails to pick up over the coming months.

According to the ONS, the largest upward pressure came from housing costs, as Council tax bills rose again, in addition to the increased duty on tobacco and rising travel costs. The largest downward effect came from motoring expenditure, as controversial increases in OPEC production led to falling oil and petrol prices, a contrast from the shortage and price increases of last year.

The all-items RPI for April 2003 was 181.2, up from 179.9 in March.

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