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'Retail does its bit' as inflation falls in October

Inflation in October dropped by 0.2 percentage points across both the Consumer Price Index (CPI), and the Retail Price Index (RPI), settling at 5% and 5.4% respectively as supermarkets push prices down.

Clothing and footwear created the largest upward pressure on CPI and RPI in October, due to a record 0.8% month-on-month price increase in October.

Women’s outerwear prices have risen more sharply this year than last. Steep price rises in October for certain types of women’s casual jackets and trousers combined with price increases across menswear produced a big upwards effect.

British Retail Consortium director general Stephen Robertson said: “Inflation is not coming from shops but from utility, fuel and insurance bills. The retail sector is doing its bit to support households.

“We need the Chancellor to hold down the costs he is responsible for by scrapping the fuel duty increases planned for 2012 and restricting business rates rises.”

A rise in gas and electricity bills also pushed inflation up.

 

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