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Inflation rate falls.

THE Bank of England's decision to cut interest rates in July pushed the headline rate of inflation down last month after mortgage lenders cut the cost of borrowing, official figures showed yesterday.

The rate of inflation, measured by the retail price index, dipped after banks and building societies followed the 0.25pc cut in interest rates to 3.5pc by reducing their own interest charges,according to the Office of National Statistics (ONS).

Meanwhile, the usualmeasureof underlying inflation, which excludes mortgage interest payments, remained unchanged at 2.9pc last month, meaning inflation has now been above the 2.5pc target for 10 months.
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Title Annotation:Business
Publication:Daily Post (Liverpool, England)
Date:Sep 17, 2003
Words:103
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