UK inflation rate stays at 3.1%

The annual rate of inflation as measured by the Consumer Prices Index remained unchanged at 31% last month. The figure will be used to increase state benefits from next April.

Inflation in the Retail Prices Index which will determine the rise in state pensions fell slightly to 4.6%

Bronwyn Curtis, head of global research at HSBC, told the BBC that 'while inflation is stubbornly high, it's not driven by demand.'

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