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Fashion sales drive inflation down

Discounting in fashion and footwear helped push overall consumer inflation down marginally last month, according to figures published today by the Office of National Statistics.

Prices in clothing and footwear fell 3.2% between June and July, compared with a smaller fall of 2.6% a year ago.

The ONS noted that in general prices tend to fall between these two months, noting that the decline in 2012 was “unusually small and followed reports of the summer sales starting earlier than normal due to poor weather”.

The fall this year was in line with previous falls.

Consumer inflation, as measured by the Consumer Prices Index (CPI), moved in line with other measures.

Producer Price Inflation, which grew 2.1% in the year to July compared with 2% in the year to June. House prices in the 12 months to June 2013 increased 3.1%, up from 2.9% in May.

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