UK inflation since 1948

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Inflation is down again, for the second month in a row. But a squeeze on food bills offset lower petrol prices in July to keep the cost of living well above the Bank of England\'s target, official figures showed today .

The Consumer Prices Index (CPI) edged down from 3.2% to 3.1% over the month, in line with City hopes - but still triggers another open letter from Governor Mervyn King to the Chancellor to explain the stubbornly high inflation.

The Office for National Statistics (ONS) said food prices jumped 0.7% between June and July, the biggest monthly rise for two years. But falling petrol costs and second-hand car prices over the month - in contrast with steep rises a year earlier - helped ease CPI overall.

There are different ways of measuring inflation. The government prefers the Consumer Price Index , which also includes services, housing, electricity, food, and transportation, but the Retail Price Index covers more items. We\'ve include both here - just click on the links on the spreadsheet. You can get the full list of items in the inflation basket here .

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