There is no consumer price inflation to speak of – as of yet. Even the expectation of future inflation rates remains low. This is the key reason as to why mortgage rates remain at historically low rates and why the cost-of-living-adjustment (COLA) for social security checks will barely rise next year.
Chart showing CPI and RPI inflation since 2005 The main measure of UK inflation turned negative in April for the first time on record, with the rate falling to -0.1%. It is the first time Consumer Price Index (CPI) inflation has turned negative since 1960, based on comparable historic estimates, the Office for National Statistics said.