New inflation rate released

16/09/2008

Inflation has risen further, with the release of the new Consumer Price Index (CPI) showing a new rate of 4.7 per cent for last month.

The inflation rate was set by working out how much typical goods and services have increased in price over the past year.

This is up on the previous month's CPI reading of 4.4 per cent - which was itself the highest on the index for 16 years.

Particular price increases for fuel and food in the past 12 months have driven up the rate.

The average gas and electricity bill is 30 per cent higher than a year before, while a basket of groceries costs over ten per cent more.

Governor of the Bank of England Mervyn King is to be forced to write another letter to the chancellor of the exchequer with the release of the new CPI, as it shows an inflation rate above three per cent.

He is obliged to write the letter for every three months inflation remains above this target.

Tags; Current UK Economy, Young Family Finances, Retirement Money Problems, Credit Card Lifestyle, Recent Graduate Debt,

• Share
• 
• 
• Store
• 
• Follow
•