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RPI inflation hits 49-year low

Depreciation in house prices and mortgage interest payments was blamed for the Retail Prices Index falling to the lowest annual inflation rate since 1960.

While the Consumer Prices Index fell to 3% in January, down from 3.1% in December, the RPI – which includes house prices and mortgage interest payments – fell to 0.1% in January, down from 0.9% in December.

The last time the RPI was as low as this was 49 years ago when it fell to 0.5%.

RPIX inflation – which includes all the items in RPI excluding mortgage interest payments – was 2.4% in January, down from 2.8% in
December 2008.


House building hits record low

The number of new homes being built fell to a record low during the last three months of 2008, figures from the Department of Communities and Local Government reveal today.

Sir James Crosby quits his post at regulator

Sir James Crosby, the former CEO of HBOS who was accused of silencing critics who complained that the bank was growing too fast, last week resigned as deputy chairman of the Financial Services Authority as his appointment was brought into question.


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