The ONS announced that UK inflation has fallen from 2.8% to 2.7% this morning.
"The Consumer Prices Index (CPI) grew by 2.7% in the year to August 2013, down from 2.8% in July.
The largest contributions to the fall in the rate came from the transport (particularly motor fuels and air transport) and clothing sectors. These were partially offset by an upward contribution from furniture, household equipment & maintenance.
The other main inflation measures were unchanged between July and August: CPIH grew by 2.5% and RPIJ grew by 2.6%.
These latest numbers continue the trend of broadly steady inflation seen since spring 2012."
Slow progress but progress nonetheless and heading in the right direction. The MPC long term inflation target is still 2%