ANNUAL UK inflation tumbled from 2.8% in May to 2.4% last month and this drop, which wrongfooted an again over-hawkish City, was viewed as helping pave the way for further monetary stimulus for the troubled UK economy.
The fall in annual consumer prices index inflation, revealed in data published yesterday by the Office for National Statistics, resulted partly from a sharp drop in clothing prices amid signs that retailers started their summer sales earlier than usual to clear stock that had remained on the shelves because of grim weather.
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