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UK inflation poised to dip this week

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Official consumer prices index (CPI) inflation is expected to dip this week when official figures are released.

Economists such as Howard Archer at IHS Global Insight expect inflation to pull back from last month’s reading of 2.8% to 2.7%, as petrol prices have risen more slowly than this time last year.

According to the Sunday Times, Archer said the coming week should bring good news for the economy.

“Inflation may have edged down, retail sales are expected to have been robust, and manufacturing activity is expected to be decent in September.”

Inflation has been coming down marginally for a number of months, falling 0.1% the previous month.

It has been below 3% – the level at which the Bank of England Governor must write a letter to the Chancellor – since a reading in April 2012.

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