Current Inflation Rate - On The Rise 01/08

The Consumer Price Index (CPI) is on the rise in January 2008 thanks in part to upward price pressure exerted by petrol prices which rose by 1.3p in January 2008, compared to a 0.8p fall a year ago.

The current CPI now stands at 2.2% compared to 2.1% in December 2007.  Other than the increase in petrol prices, food, particularly fruit, and furniture fell in price by less than the previous year, influencing the overall year-on-year rise.  The largest downward pressure came from clothing and footwear.

Clearly some elements of the high street were giving customers bigger bargains than others during the January sales.

The Retail Prices Index (RPI) rose a little to 4.1% in January from 4.0% in December.

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