Hughes Way

This figure is up from the 4.2% recorded in the previous month. Household goods and the price of food have all gone through the roof in recent months. Wages have either remained stagnant or barely grown in line with these rising costs. For 20 consecutive months the CPI has missed the Bank of England's target inflation rate of 2%. The headline rate of Retail Price Index remained at 5% for July. This rate in July predicts the cost of rail fares that are annually set in January. They calculate this by adding 3% to the RPI. Therefore rail prices are set to rise to 8%. There is some good news; several supermarkets are cutting their fuel costs as a result of lower oil prices.