Shock fall in price inflation
The Consumer Prices Index (CPI) measure of price inflation has fallen from 2.8% to 2.4% for the year to the end of June 2012, in a bigger than expected slow down in the pace of inflation.
This means that prices have risen at their slowest rate since the end of 2009.
There was also a fall in the Retail Prices Index (RPI) measure of inflation, from 3.1% to 2.8%.
Inflation is slowing down as a result of lower food, fuel and clothing prices.
There remains some upward pressure from rising costs for spending on recreation and culture.
While it remains above the Bank of England target of 2%, CPI inflation has been steadily falling since reaching its record high of 5.8% in September 2011.
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