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Economy shrank by 0.3%

The economy shrank by 0.3% between October and December, according to the Office for National Statistics. That is worse than previously estimated.

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Effects of the Budget on CPI

The ONS estimate the Budget will add 0.38 percentage points to the 1-month Consumer Price Index (CPI) rate between April and October 2012.

However, as the impact of the Budget last year was similar (0.21 percentage points), only 0.17 points will be added to the 12-month rate over the same period.

CPI measures the changes from month to month in the cost of a representative 'basket' of goods and services bought by consumers within the UK.

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