According to figures released by the Office of National Statistics this morning, the headline rate of inflation stood at 1.3% for July 1999. The headline rate has remained static at 1.3% since May this year. Underlying inflation for July stood at 2.2%, below the Government’s current target of 2.5% and also unchanged from June 1999.
A number of analysts and City experts had predicted that the headline rate of inflation would fall to a 35-year low of 1.1%.
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