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Inflation remains in freefall
The Retail Prices Index (RPI) was pushed into greater negative territory, falling to minus 1.6% in June from minus 1.1% the previous month. It is now at its lowest since records started in 1948.
Inflation under the Consumer Prices Index rose by 1.8% — down from 2.2% in May. This is the first time since 2007 it has dropped below the bank of England’s 2% target rate.