The Consumer Price Index rate of inflation fell to 3% in April, its lowest in over 2 years according to the Office for National Statistics. September of last year saw a high of 5.6% but these figures have dropped significantly as supermarkets lower prices and energy and other bills also reduce. However, the reductions have been tempered by an increase in rental costs and restaurant and hotel costs. Inflation in March was 3.5% and this low of 3% means that April matches the rate witnessed in February 2010.
Household budgets have been hit hard and many retailers are trying to help ease the burden by stepping in and providing relief for homeowners. Clothing and shoes, in particular, saw only minimal falls but such low rises are unlikely to continue as retail businesses also need to watch their own finances and budgets.
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