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Loan claim: Inflation rates fall for second successive month

Consumer inflation fell for the second successive month, it has been revealed.

Figures from the Office for National Statistics show the Consumer Prices Index (CPI) dropped from 3.4 per cent to 3.2 per cent. The decrease was attributed to the fall in the cost of clothes and fuel.

Inflation rates are still well above the Bank of England's target of two per cent, which led Monetary Policy Committee member Andrew Sentance to call for a rise in interest rates to combat inflation.

Mr Sentance claimed inflation was still high due to the UK's monetary policy which boosted import costs and inflation.

"One obvious reason for this is the weakness of the pound," he said in a speech to the Thames Valley Chambers of Commerce.

The Retail Prices Index (RPI) inflation measure, which includes housing costs, also fell to 5 per cent from 5.1 per cent in May.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800001837-ADNFCR

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