Neville Prior

UK inflation falls to 1.9% in January

Neville Prior  18 February 2014 10:40:30 AM
Image:UK inflation falls to 1.9% in January
The UK's inflation rate, as measured by the consumer prices index, fell to 1.9% in January. The rate fell below the Bank of England's 2% target for the first time in more than four years. The fall is likely to underline the Bank of England's message that there is no rush to raise interest rates. Inflation as measured by the Retail Prices Index rose to 2.8% from 2.7% in December, the Office for National Statistics (ONS) said. The lower inflation was in large part due to a fall in the prices of recreational goods and services, furniture and household goods, and alcohol and tobacco, Phil Gooding, from the ONS, said. Prime minister David Cameron tweeted that the figures support the government's economic strategy. "Today's fall in inflation is more evidence our long term economic plan is working," Mr Cameron tweeted. "We want to ensure a secure future for hard-working people."
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