UK Inflation falls to 2pc
14/01/2014
Inflation fell to 2pc in the UK for the first time since November 2009, as food price rises slowed to the slowest rate since 2006.
This means that the Bank of England has hit its target for the first time in the last four years, and represents a significant step in the right direction for the economy. The consumer prices index was down from 2.1pc in November, to 2.0pc in December.
Despite the good news, the Office for National Statistics (ONS) said rising petrol prices did slightly offset the recovery, after rising by an average of 0.5 pence per litre between November and December 2013.
Inflation fell despite the fact that all but one of the ‘big six’ energy providers announced price hikes in November, and the ONS said that at least some of this data was included in the final figure
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