We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Official figures reveal surprise fall in UK inflation rate

19 Jul 2017

The UK’s rate of inflation as measured by the Consumer Prices Index (CPI) fell unexpectedly to 2.6% in June, down from 2.9% in May, figures published by the Office for National Statistics (ONS) have revealed.

The latest rate represents the first fall in inflation since October 2016.

Lower petrol and diesel prices, alongside a decline in prices for recreational and cultural goods, helped to drive down inflation, the ONS stated.

Commenting on the data, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said: ‘While the fall in inflation in June will surprise many, consumer price growth is likely to resume its upward trend in the coming months, with the elevated cost of imported raw materials still filtering through supply chains.

‘Inflation remains a major risk to the UK’s growth prospects this year, with rising cost pressures for both consumers and businesses likely to dampen overall economic activity.’

Experts have also warned that inflation continues to outstrip wage growth.  

Frances O’Grady, General Secretary of the Trades Union Congress (TUC), stated: ‘The government must stop this cost of living squeeze. Many working people are caught in a vice as rising prices crush their pay.’

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2024 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.