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21/04/2009
Inflation Drops Below Zero
The rate of inflation which includes mortgage costs has dropped below zero for the first time since 1960.
The inflation measured by the Retail Prices Index (RPI) dropped to -0.4% in March, a further drop from zero in February.
The RPI experienced large downward pressure from housing, with the main factors being house depreciation, mortgage interest payments and, to a lesser extent, buildings insurance. These factors are excluded from the Consumer Prices Index (CPI).
The CPI fell to 2.9% in March, from 3.2% in February. However, it still remains well above the government's target of 2%.
The largest downward pressure on the CPI came from gas bills, which dropped this year, as well as the price of heating oil, which also fell this year, but rose last year.
A fall in transport costs, including air fares, petrol and diesel, as well as a drop in the prices of food and non-alcoholic drinks, also exerted a downward pressure on the CPI.
The largest upward pressure on inflation came from recreation and culture, where prices, especially those of computer games and toys, rose, while clothing prices, particularly women's outerwear, also rose.
(KMcA/BMcC)
The inflation measured by the Retail Prices Index (RPI) dropped to -0.4% in March, a further drop from zero in February.
The RPI experienced large downward pressure from housing, with the main factors being house depreciation, mortgage interest payments and, to a lesser extent, buildings insurance. These factors are excluded from the Consumer Prices Index (CPI).
The CPI fell to 2.9% in March, from 3.2% in February. However, it still remains well above the government's target of 2%.
The largest downward pressure on the CPI came from gas bills, which dropped this year, as well as the price of heating oil, which also fell this year, but rose last year.
A fall in transport costs, including air fares, petrol and diesel, as well as a drop in the prices of food and non-alcoholic drinks, also exerted a downward pressure on the CPI.
The largest upward pressure on inflation came from recreation and culture, where prices, especially those of computer games and toys, rose, while clothing prices, particularly women's outerwear, also rose.
(KMcA/BMcC)
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