Inflation falls to four-year low
The rate of Consumer Price Index inflation has fallen to a four-year low of 1.7% last month. The main factor in the decline was fuel prices. The rate of Retail Price Index inflation dropped to 2.7%.
House prices jump 6.8% compared with last year
House prices increased by 6.8% in January 2014 compared with a year earlier, according to the latest figures from the Office for National Statistics .
The ONS said prices grew by 7.1% in England, 6.9% in Wales, 1.4% in Scotland and 2.7% in Northern Ireland.
In January 2014, prices paid by first-time buyers were 7.6% higher on average than in January 2013.
For existing owners, prices increased by 6.5% for the same period.
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Stage set for living standards to get better
Wages should begin to grow with the economy, setting the stage for living standards to improve, but there is a lot of ground to make up.
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Falling inflation could change the debate on the economy
Figures on rising private sector wages are politically explosive and could change the debate on the economy.