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The Retail Price Index (RPI) measure of inflation.
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HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied.
The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use the upcoming Spring Budget to help ease cost pressures on small businesses.
Inflation remains close to a 40-year high despite falling in January, according to the latest data from the Office for National Statistics (ONS).