UK inflation falls to 2.1% on latest CPI figures.

Figures released this week by the Office of National Statistics (ONS) suggest that the  UK inflation rate fell to 2.1% in December, from 2.3% the previous month.
Inflation as measured by the Consumer Prices Index (CPI) was the lowest in nearly two years, The main downward driver on inflation was a fall in the price of petrol.
The figure is close to the Bank of England's target of 2% and probably makes any increase in interest rates in the near future less likely.

Inflation chart

Average UK pay growth is now higher than inflation, suggesting a modest rise in real incomes, with the most recent available figures showing that wages excluding bonuses were up by 3.3% for the three months to October 2018.

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