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UK inflation rate falls to 2.1% in November UK inflation rate falls to four-year low in November
(35 minutes later)
The UK's inflation rate, as measured by the consumer prices index, fell to a four-year low of 2.1% in November, down from 2.2% the month before.The UK's inflation rate, as measured by the consumer prices index, fell to a four-year low of 2.1% in November, down from 2.2% the month before.
The Office for National Statistics said the change was caused by slower increases in food and energy prices.The Office for National Statistics said the change was caused by slower increases in food and energy prices.
The ONS said this was because the impact of recently announced rises in energy prices were yet to take effect.The ONS said this was because the impact of recently announced rises in energy prices were yet to take effect.
Inflation as measured by the retail prices index (RPI) remained unchanged at 2.6%.Inflation as measured by the retail prices index (RPI) remained unchanged at 2.6%.
The ONS said the prices of both food and non-alcoholic beverages were little-changed between October and November compared with a rise of 1.1% between the same two months a year ago. Despite November's drop, economists warned inflation was likely to rise in December as energy prices began to increase.
"This good news may not last too long, however, given the increases in utility costs that are to hit the basket next month, courtesy of recent price rises by energy providers," said Jeremy Cook, chief economist at foreign exchange company, World First.
Howard Archer, chief UK and European economist at IHS Global Insight, added: "It is possible that inflation could move up in December as energy and gas price hikes increasingly kick in."
The ONS said the prices of both food and non-alcoholic beverages were little changed between October and November, compared with a rise of 1.1% between the same two months a year ago.
The main downward contributions came from fruit, where prices rose by less than a year ago.
The prices in restaurants and hotels also rose by less between October and November than between the same two months in 2012.The prices in restaurants and hotels also rose by less between October and November than between the same two months in 2012.
Transport prices also fell by 0.5%, however, this was less than the 1% fall for the same period last year. Transport prices also fell by 0.5%. However, this was less than the 1% fall for the same period last year.
Jeremy Cook, chief economist at the foreign exchange company, World First, warned inflation was likely to rise in December: Meanwhile, separate data released by the ONS showed that in the year to November, factory gate prices for UK manufacturers rose by 0.8%, the same as in the year to October.
"This good news may not last too long, however, given the increase in utility costs that are to hit the basket next month courtesy of recent price rises by energy providers," he added. However, the rate of increase was slower than the 0.9% rise that analysts had expected.