Four-year inflation low will ease pressure on businesses and consumers

16th January 2014

Annual CPI inflation was 2.

0% in the year to December 2013, down from 2.1% in November The largest contributions to the fall in inflation came from food and non-alcoholic drinks, partly offset by an upward contribution from motor fuels Goods price inflation in December was 1.7%, while services inflation was 2.4% Commenting on the inflation figures for December 2013, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC) said: -It is good news to see inflation fall to its 2% target for the first time since 2009, and should ease the pressure on businesses and consumers. With inflation likely to remain at these levels during most of 2014, the unjustified demand in some quarters for interest rate increases should relent. In the meantime, the MPC needs to maintain its two-pronged approach with forward guidance on interest rates, and a continued commitment to keeping inflation at its 2% target.

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