British retail prices were unchanged in April from March despite upward pressure from housing and motoring costs.
Retail prices (RPI) rose 0.7pc in April from the previous month, up 1.5 per cent on the year, up from a 1.3pc rate in March.
Retail prices are widely regarded as the measure of annual inflation According to the figures, the largest upward effect on the all-items 12-month rate, mainly due to changes for mortgage interest payments.
The average mortgage interest rate was unchanged between March and April 2002 in contrast to the 0.21 per cent drop between March and April 2001 as three major lenders cut rates in competitive moves to attract customers.
Motoring costs also put pressure on prices due to changes in petrol and oil prices.
Average pump prices for unleaded petrol increased by 4p per litre in April compared to increases of 1p per litre in April 2001.
This was offset by a small downward effect from price changes for maintenance of motor vehicles where prices increased by less than last year. increased by less than last year.