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  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 25.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.

Is the UK becoming more expensive?

On Tuesday UK consumer price inflation was reported to have fallen sharply in January as the impact of last year's hike in the VAT rate dropped from the figures. The Consumer Prices Index (CPI) fell to a 3.6% annual rate, down from 4.2% in December, according to the Office for National Statistics. The Retail Prices Index (RPI) inflation - - including mortgage interest payments - - fell to 3.9% from 4.8%. The VAT rate was raised from 17.5% to 20% in January 2011, pushing up the annual inflation rates through 2011. However, in recent years as the pound fell more than 20% against a weighted basket of the currencies of trading country partners, British consumer price inflation has remained at an elevated level. For example, the price of a loaf of bread has more than doubled in London in ten years, with the cost of a bottle of wine rising by 50%. Taxes have also played a part, with petrol pump prices up by over 75% and cigarette prices by almost 60%.
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