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Inflation falls to five-year low

Oct 13 2009

Consumer Price Index (CPI) annual inflation fell to 1.1 per cent in September, down from 1.6 per cent in August – the lowest level in five years – according to the Office for National Statistics.

Meanwhile the Retail Price Index (RPI) fell to minus 1.4 per cent, compared with 1.3 per cent in August, with the main factors affecting the CPI also affecting the RPI such as a spike in energy prices a year ago.

David Kern, chief economist at the British Chambers of Commerce, says the figures mean that the Bank of England should extend its programme of quantative easing without fear of a short-term upsurge in inflation. 

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