UK inflation remains steady – ONS

The rate of inflation faced by households held steady in September 2013, according to the latest report by the Office for National Statistics (ONS).

As the ONS report also said, the Consumer Prices Index (CPI) – the headline measure of inflation – grew by 2.7% in the year to September 2013, unchanged from the year to August.

The retail prices index (RPI) measure of inflation fell slightly to 3.2% from 3.3% in August, meaning that  prices are still rising faster than wages, which rose by 1.1% on average over the same period, the ONS report added.

“On some occasions a steady rate of inflation can mask large upward and downward contributions from the different goods and services in the basket. This month however, the picture was calm compared to many months. An upward contribution to inflation from air fares and a counter-balancing downward contribution from the price of motor fuels were the only contributions of note,” the report read.

According to the ONS, the three main contributors to the 12-month inflation rate in the last five years have been food & non-alcoholic beverages; housing, water, electricity, gas & other fuels; and transport (including motor fuels). Combined, these three sectors have, on average, accounted for over half of the 12-month inflation rate each month.

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