UK inflation touches 2-year low on sliding oil price
LONDON, Jan 17: British annual inflation slowed in December to a two-year low on falling motor fuel and oil prices, sitting just above the Bank of England's target, official data showed Wednesday.
The Consumer Prices Index 12-month rate declined to 2.1 per cent last month from 2.3 per cent in November, the Office for National Statistics (ONS) said in a statement.
The December reading was the lowest level since January 2017 and matched market expectations.
The rate was also a whisker away from the Bank of England's official target level of 2.0 per cent.
"Inflation eased mainly due to a big fall in petrol, with oil prices tumbling in recent months," said Mike Hardie, head of inflation at the ONS.
"Air fares also helped push down the rate with seasonal prices rising less than they did last year.
"These were partially offset by small rises in hotel prices and mobile phone charges." -AFP