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14 February 2019, 08:13 | Hattie Nash
The UK inflation rate fell to 1.8% in January, the lowest in two years, the Office for National Statistics says. "This reflected the imposition of a new cap on Standard Variable Tariffs, which was 6% below prior average levels".
While the current capped rate for energy prices is effective until the end of March, it was announced earlier this month that it would rise by 10%, drawing criticism of the price cap for the government.
"The further falling back in inflation facilitates the Bank of England maintaining a "wait and see" approach on interest rates until after the United Kingdom leaves the EU", Howard Archer, chief economic adviser to the EY ITEM Club consultancy, said.
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Before last month, the last time a one-year fixed-rate matched inflation was November 2016, and back then the CPI was only 1.2 per cent.
Head of Inflation Mike Hardie said: "The fall in inflation is due mainly to cheaper gas, electricity and petrol, partly offset by rising ferry ticket prices and air fares falling more slowly than this time last year".
At the pumps, motorists had lower fuel costs last month, with petrol down by 2.1p per litre on the month to 119.6p. At 2.05 per cent, inflation in January was lower than economists' expectations.
Meanwhile, heavy discounting from retailers saw clothing and footwear prices falling by 1.3% for the year to January, which had a small downward pull on inflation.
The Bank of England said this month that United Kingdom economic growth will likely slow further in 2019 given weakening demand from overseas and a period of increased "Brexit uncertainty" that are expected to reduce activity in the UK.
Mumbai: India's headline and core inflation rates are set to converge in the coming months as the economy slows, increasing the chance of more interest rate cuts. The inflation was 5.07 per cent in January 2018.
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