Official analysis of what Britons are spending their money on shows hardwood flooring is out, with streaming services and canvas shoes in.
Today's fall in the inflation rate to the Bank of England's target of 2.0% is welcome news for its governor Mark Carney.
A fall in inflation may prove to be merely temporary. But it is a welcome boost to the incoming Governor of the Bank of England Mark Carney.
The small drop in the rate of Consumer price index inflation in Autumn was due to changes in the transport and clothing sectors, the Office for National Statistics reports.
- Clothing and footwear inflation was at 2 percent, compared to 2.8 percent last year
- Petrol prices rose 2p per litre compared to a rise of 3.5p per litre in August 2012
- Air fares up 9.4 percent compared to 10.2 percent a year ago
The drop in the inflation rate were partially offset by increases in the furniture, household equipment and maintenance sectors.
The rate of consumer price index (CPI) inflation fell to 2.7% in August, from 2.8% in July, official figures showed today.
The headline rate of retail price index (RPI) inflation rose to 3.3 percent in August from 3.1% in July, according to figures from the Office for National Statistics.
The announcement that train fares will rise yet again next year has brought little cheer from passengers travelling on the country's rail network.
The Government has defended the 4.1% average rise in season ticket costs in England as necessary to maintaining an efficient system, while defending the continuing use of funds to pay for rail boss bonuses.
But commuters were left largely unimpressed, with one rail user at Euston Station branding the latest increase in prices "disgusting", as ITV News Consumer Editor Chris Choi reports:
The Government is "ripping off" passengers and taxpayers with another round of rail fare rises, Green MP Caroline Lucas has said.
– Caroline Lucas, MP for Brighton Pavilion
We have to put up with unreliable services, overcrowding and some of the highest fares in Europe.
Since the railways were sold off, the cost of train travel has risen by 17%, and in recent years the cost to the taxpayer has more than doubled. Meanwhile, shareholders are generating huge profits.
By taking back individual franchises when they expire, or when companies fail to meet their conditions, the Government could save over £1 billion a year every year. This is money that could and should be reinvested in services, and also used to reduce fares.
Ms Lucas, who collected signatures outside Brighton Railway Station today, said her constituents were "sick of paying a fortune for train services which aren't good enough".
Transport Secretary Patrick McLoughlin has defended a new round of bonuses to rail bosses while commuters are forced to pay a higher average cost of rail travel for an 11th year in a row.
Mr McLoughlin told BBC Radio 4's Today programme he had not "interfered with" Network Rail's rail contracts because it was a "private operating company ... set up by the last government".
He played down the issue of bonuses, saying: "The simple fact is that what people want is for our railway system to work effectively and efficiently. And they want those delays cutting out so I think the value is important that we get those kinds of service improvements and we keep down the cost."
Asked why rail bosses could not achieve this without extra financial incentives, he said: "Bonuses are one way which are a reward for delivering those services ... There is a bit more than just doing their job we are talking about some very very complicated engineering works that are going on."
Labour has responded to the Department of Transport's increase in regulated train fares with a pledge to halt price rises.
Labour will cap rail fare rises & make it easier to get the cheapest ticket for your journey. That’s how you help fix a #costoflivingcrisis
The Department of Transport has defended the fact that English rail passengers will face a sharper rise in average regulated fares than people boarding Scottish trains.
– Department for Transport spokesman
The railways in Scotland are heavily subsidised by the taxpayer. If these levels of subsidy were replicated on railways in England, the cost would be hundreds of pounds a year for every household in England, whether or not they used the train.
Rail fares in Scotland will rise by no more than 3.1 percent next year since increases are pinned to the rate of inflation.
However, some passengers will still be subject to the English fares if:
- They are travelling from England to Scotland
- They are travelling within Scotland on a train that originated in, or is going to, England
Labour leader Ed Miliband has accused the Prime Minister of siding with train companies by allowing them to raise train fares above the rate of inflation.
Instead of sticking up for passengers David Cameron has sided with train companies, letting them hike fares by up to 9% #costoflivingcrisis