The CPI measure of inflation rose to 2.8% over the year to February 2013 following 4 consecutive months at 2.7%. The largest upward drives came from increases in energy prices and prices of some recreational goods, petrol and air travel. Downward pressure came from small price increases for food and soft drinks and a fall in the price of alcohol compared with the price rises of last year. It follows 4 years of widely fluctuating inflations rates.
The figures mean that a basket of goods that cost £100 in February 2012 would cost £102.80 in February 2013.
The new measure of consumer price inflation, CPIH including owner occupiers’ housing costs, has been launched. The CPIH annual rate is 2.6% in the year to February 2013, up from 2.5% in January.
Additionally, a new Retail Prices Index-based index using a geometric formulation (known as the Jevons formula) has also been launched. The 12-month rate for this index, known as RPIJ, stands at 2.6% in February compared with 2.7% in January.
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