UK in­fla­tion hits three-year low

Muscat Daily - - BUSINESS -

Lon­don, UK - Bri­tish an­nual in­fla­tion slid to the low­est level in more than three years in De­cem­ber, in­creas­ing the chances of an in­ter­est-rate cut by the Bank of Eng­land (BOE) be­fore Brexit.

The Con­sumer Prices In­dex 12-month rate dropped to 1.3 per cent last month from 1.5 per cent in Novem­ber on falls in the prices of ho­tel rooms and women's cloth­ing, the Of­fice for Na­tional Sta­tis­tics said. At 1.3 per cent, it was the low­est level since Novem­ber 2016, while an­a­lysts' con­sen­sus forecast had been for no change. BOE, whose main rate stands at 0.75 per cent, will give its lat­est de­ci­sion on Bri­tish bor­row­ing costs on Jan­uary 30.

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