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13/01/2015
UK Inflation Plunges To 0.5%
UK consumer price inflation has dropped to its lowest level since May 2000.
Lower oil prices have pushed the UK inflation down to 0.5 per cent.
The main contributions to the drop came from the December 2013 gas and electricity price rises falling out of the calculation and the continuing drop in motor fuel prices, according to the Office for National Statistics (ONS).
Rain Newton Smith, CBI Director of Economics, said: "Inflation fell even more than expected this month.
"The good news is that lower petrol prices are leaving households with a bit more in their pockets, which should help to support spending and growth in the UK. However, while lots of businesses will also benefit from lower costs, North Sea oil producers are facing tough times.
"With falling inflation rates and subdued earnings growth, we do not see the first rise in interest rates happening any time soon. Even by the end of 2016 the stance of monetary policy is likely to remain loose, providing a bit more breathing space for the UK's recovery."
(CD/IT)
Lower oil prices have pushed the UK inflation down to 0.5 per cent.
The main contributions to the drop came from the December 2013 gas and electricity price rises falling out of the calculation and the continuing drop in motor fuel prices, according to the Office for National Statistics (ONS).
Rain Newton Smith, CBI Director of Economics, said: "Inflation fell even more than expected this month.
"The good news is that lower petrol prices are leaving households with a bit more in their pockets, which should help to support spending and growth in the UK. However, while lots of businesses will also benefit from lower costs, North Sea oil producers are facing tough times.
"With falling inflation rates and subdued earnings growth, we do not see the first rise in interest rates happening any time soon. Even by the end of 2016 the stance of monetary policy is likely to remain loose, providing a bit more breathing space for the UK's recovery."
(CD/IT)
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