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British economy falls into deflation for first time since 1960

The Retail Prices Index (RPI) measure of inflation fell to -0.4pc in March, indicating that prices paid by consumers last month were lower than a year ago - a trend not seen since March 1960.

The figure, published by the Office for National Statistics on Tuesday, was roughly in line with economists' predictions of a fall to -0.5pc.

RPI inflation, which includes housing and mortgage costs, has been driven down by the the series of aggressive interest rate cuts from the Bank of England which have triggered lower variable rate mortgage repayments.

by Sassafras on Tue Apr 21st, 2009 at 01:39:53 PM EST
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