Tuesday, 16 December 2014

UK inflation rate at 12-year low of 1% as fuel costs fall


Lower fuel prices have pushed the UK's rate of inflation down to a 12-year low, official statistics show.
The Consumer Prices Index inflation measure - which covers the cost of basic household goods - fell to a rate of 1% in November from 1.3% in October.
If inflation falls below 1% the Bank of England would have to write a letter of explanation to the chancellor.
Inflation as measured by the Retail Prices Index fell to a five-year low of 2%, down from 2.3%.

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