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Inflation rate 'fell in November'

The new Consumer Price Index (CPI) for November has been released, showing a drop in the inflation rate for the second month running.According to the index - the government's preferred measure of inflation - annual price rises stood at 4.1 per cent last month.This is down from October's 4.5 per cent and September's 5.2 per cent, which was itself a 16-year high.Governor of the Bank of England Mervyn King, writing to the chancellor of the exchequer today about the inflation rate, indicated that he expects CPI to drop dramatically next year.He said that, on current data, the price easing could take the index to below the government's own inflation target of two per cent.This would, in turn, open the door for the Bank to make further cuts to its official interest rate."Given the short-term outlook for inflation, it is quite possible that I will next need to write to you to explain why inflation has deviated by more than one percentage point below the target in 2009," Mr King wrote.

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