Millennium Post

Oil price pulls UK inflation to 12-year low

Britain's annual inflation rate slid to a 12-year low of 1.0 per cent in November, driven down by tumbling oil prices, official data showed on Tuesday.

The 12-month Consumer Price Index (CPI) dropped from a rate of 1.3 per cent in October, the Office for National Statistics said in a statement.

"Food and motor fuel prices, which have historically been upward contributors to the CPI 12-month rate, are currently reducing it by 0.4 percentage points," the ONS noted.

"Inflation has been falling over the second half of 2014, and the recent sharp fall in the oil price has accelerated this trend," said Ben Brettell, senior economist at stockbrokers Hargreaves Lansdown.
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