Insurance premium increases cited by ONS as inflation falls
The Office for National Statistics has revealed that inflation fell to 3.2% in June. The year-on-year rise in consumer prices index which excludes mortgage costs was down from 3.4% in May.
The organisation cited increases in insurance premiums and air fares as being the biggest upwards pressures while falling diesel and petrol prices were the main downward forces.
The all items Retail Prices Index measure of inflation was also down to 5.0% from 5.1% in May.
Scott Corfe, economist at the centre for economics and business research, commented: "Today's release adds weight to our view that inflation will start to cool off over the remainder of this year. Vast swathes of the economy
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