The UK Consumer Price Index has remained the same since December at a steady 0.3 per cent, an announcement released by the Office for National Statistics (ONS) has confirmed.
The steady percentile rate is good news for the self-employed according to freelancers group IPSE, which has cited the low rate as good for business, as rising costs are one of the primary worries that contractors and freelancers face and many feared 2016 would see a rise in inflation.
The Consumer Prices Index (CPI) is the speed at the prices of a set basket of goods and services brought about by households rises or falls. In the announcement for February, it was found that transport services had contributed to downward prices, with road transport, second hand cars and bicycles being the main factors. Rising prices in food, particularly in vegetables, contributed to upward growth. However, the two offset each other with no change being reported since December 2015.
The Association of Independent Professionals and the Self Employed (IPSE) economic adviser, Lorence Nye commented: “Many freelancers travel long distances for work, so the downward pressure on road transport prices, combined with the chancellor’s pledge to freeze fuel duty, is welcome.
“In light of inflation remaining very far from the Bank of England’s so-called ‘target level’ of two per cent, any rise should not be made until there is significant change."