Inflation has remained unchanged for the second consecutive month according to figures released this morning by the office for National Statistics.
The annual rate stands at 2.6 per cent for July.
The price of motor fuel provided the largest downward contribution to change in the rate between June 2017 and July 2017 says the ONS, while this was offset by smaller upward contributions from a range of goods and services, including clothing, household goods, gas and electricity, and food and non-alcoholic beverages.
This month saw The RPI measure has been replaced by the CPI as the approved “National Statistic” benchmark for changes to most Government controlled funding. The CPI was first introduced in 1997.
The ONS’ James Tucker, said the body was aware of the drawbacks of using RPI as a benchmark: “We know there will be a focus on the RPI this month, but the National Statistician has been clear it is not a good measure and we do not recommend its use.
The retail price index has climbed to a higher than expected 3.6% and this will be the figure that train Companies can use when setting so-called regulated fares which account for 45 per cent of fares