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Commenting on the latest CPI inflation figure, Andrew Burrell, Head of Forecasting at JLL, said: "The combined factors of the labour market tightening and strengthening consumer confidence have helped drive CPI inflation back to zero.
"The UK economy will be helped by the additional spending power that low inflation and wage rises bring. Borrowing costs will also remain low, supporting the housing market, and hopefully triggering much-needed development across the property spectrum, in both residential and commercial sectors. As inflation rates are expected to rise in the second half of this year, there will be more pressure on the Bank of England to move on interest rates. However, while this may lead to further debate within the MPC we still don't expect rates to rise before 2016."
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