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UK consumer inflation falls to 20-month low

Staff Writer |
UK consumer price inflation slowed to its lowest level in twenty months in November amid lower oil prices.

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Data from the Office for National Statistics showed that the consumer price index rose 2.3% year-on-year following a 2.4% increase in October. The latest inflation rate was the lowest since March 2017, when inflation was at the same level.

On a month-on-month basis, the CPI edged up 0.2% in November, matching economists' expectations.

Core inflation, which excludes prices of energy, food, alcoholic beverages and tobacco, slowed to 1.8 from 1.9% in October. The easing was in line with economists' expectations.

Separate data showed that input price inflation nearly halved to 5.6% in November from 10.3% in October. Economists had expected a lower figure of 4.9%.

Output price inflation slowed to 3.1% from 3.3%, slightly above economists' prediction of 3%.

Another data showed that house price inflation eased to 2.7% from 3% in September. The latest increase was the smallest since July 2013, when prices rose at the same pace.

London house prices fell 1.7% in the year to October after a 1.8% drop in the year to September.

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