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Inflation rate slows sharply in Britain

  |   Nov. 12, 2013 at 4:00 PM
LONDON, Nov. 12 (UPI) -- The Office for National Statistics in Britain said the annual inflation rate slowed from September to October, dropping from 2.7 percent to 2.2 percent.

ONS said inflation "notably slowed in the year to October."

In a new measure, ONS said the cost of shelter in a home owned by the resident rose 2 percent in October, down from 2.5 percent in September. Retail prices rose 1.9 percent, down from September's rate of 2.5 percent, ONS said.

ONS said "taking a longer view," that the three main contributors to the 12-month inflation rate over the past five years has been food and non-alcoholic beverages, housing and transportation costs, including gasoline for vehicles.

On average, these three categories account for over half of the 12-month inflation rate, ONS said.

Domestic producers also reported a slower rate of price increases. The output price for goods made in Britain rose 0.8 percent in October after a rise of 1.2 percent in September.

Core producer prices, which excludes food and energy items, rose 0.9 percent after rising 0.8 percent in the year to September, ONS said.

Total input prices, which are prices of raw materials purchased by British producers, fell 0.3 percent in October after rising 0.9 percent an an annual rate in September.

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