UK inflation falls to 20-month low led by cheaper petrol prices in Christmas boost for households

first_img A substantial drop in crude oil prices was offset by rises in tobacco prices following the Budget, ONS said.The prices of computer games and concert tickets also dipped in November.“Inflation returning towards the Bank of England’s two per cent target is good news for workers, who are receiving the dual benefit of accelerating wages and slowing inflation, pushing up their income growth in real terms,” PwC economist Mike Jakeman said.Petrol prices fell by 2.6 pence per litre between October and November compared with a rise of 1.8 pence per litre over the same period in 2017.Analysts predicted the oil prices downturn could continue into next year forcing inflation lower. UK inflation falls to 20-month low led by cheaper petrol prices in Christmas boost for households Callum Keown Share UK inflation fell to a 20-month low in November led by cheaper petrol prices in a boost for consumers in the run up to Christmas.Consumer prices rose by 2.3 per cent in November, down from 2.4 per cent the previous month and the slowest rate since March 2017, according the Office for National Statistics. “Inflation should trend down over the first half of 2019. The recent falling back in oil prices should increasingly impact, while Ofgem’s price cap will put some downward pressure on domestic energy prices in January,” EY Item Club analyst Howard Archer said.ONS head of inflation Mike Hardie said: “Inflation was little changed as falling petrol prices, thanks to a substantial drop in the cost of crude oil, were offset by rises in tobacco prices following the duty changes announced in the Budget.“House price growth continued to slow with the smallest annual rise seen in over five years, led by price falls across Londoncenter_img Wednesday 19 December 2018 11:07 am whatsapp whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.com Tags: Trading Archivelast_img read more