P.M. BRIEFING : British Prices Dip After 19 Months
Britain announced the first drop in inflation in 19 months today, suggesting that the rise in the cost of living has peaked and will soon slow down.
The retail price index showed an 8.2% annual increase in July against 8.3% in June, according to official figures. Financial analysts had expected the July figure to be unchanged.
“This is consistent with the chancellor’s statement that inflation may have peaked and will soon fall,” said a spokesman for the finance minister, Chancellor of the Exchequer Nigel Lawson, who has made the fight against inflation his main priority.
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