Labour Research July 2004

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Pay and prices

Oil price hike lifts inflation

Soaring oil prices took their toll on domestic fuel prices and motoring expenditure in May.

The annual rate of inflation as measured by the Retail Price Index (RPI) rose to 2.8% from 2.5% in April. Dearer housing costs also contributed to the rise.

The Consumer Prices Index (CPI), the government's preferred measure, which excludes housing costs, rose to 1.5% in May from 1.2% the previous month.


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