Inflation hits target level
The UK inflation rate as reported by the Office of National Statistics (ONS) yesterday, has hit the Bank of England target rate of 2%, for the first time in 4 years. December figures released show a modest fall of 0.1% to a key level, assisted by lower food prices.
The figures didn't take into account much of the late price discounting in the immediate run up to Christmas, that will feed into the next month's reported data but has not included the recent energy price rises that are yet to bite, so there is a good chance that there will be an upward blip when the January figures are revealed in a month.