Prices rise more slowly

Prices rose a bit more slowly in the year to October than we have been used to. The Retail Prices Index (RPI) is now 6.1% higher than 12 months ago, the Consumer Prices Index (CPI) 4.6% higher and CPI with a housing element (CPIH) 4.7% higher.

Back then, RPI was rising by 14.2%. So, although inflation has eased off since then, it means costs measured by RPI are 21% higher than they were two years ago.