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Bank charges: ONS reveals drop in CPI and RPI inflation

A slight fall in inflation could help households cope with bills and bank charges without having to resort to loan claims.

The Office for National Statistics (ONS) revealed that Consumer Prices Index (CPI) annual inflation hit 2.5 per cent during August 2012, compared with July's figure of 2.6 per cent.

It suggested downward pressures from reduced expenditure on household services and housing, domestic gas, equipment and maintenance, furniture, clothing and footwear were responsible for this slight decline.

Furthermore, Retail Prices Index (RPI) annual inflation fell from July's figure of 3.2 per cent to 2.9 per cent in August.

However, general-secretary of the Trades Union Congress Brendan Barber argued these falls are inadequate in the face of "anaemic" wages.

"The combination of low wage growth, higher indirect taxes, in-work benefit freezes and tax credit cuts add up to an unprecedented attack on the living standards of low-paid workers," he remarked.

According to Mr Barber, the prospect of the squeeze on incomes coming to an end currently appears "remote".

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801452329-ADNFCR

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