Jennifer Ryan
Britain’s inflation rate fell more than economists forecast in January, dropping to the lowest on record as food and fuel prices plunged.
Consumer-price growth slowed to 0.3 from 0.5 percent in December, the least since the data series began in 1989, the Office for National Statistics said on Tuesday. Based on a statistics office model, it’s the weakest since March 1960, when prices fell 0.6 percent. Economists had forecast a 0.4 percent rate in January.
The Bank of England cut its near-term inflation projections last week to reflect the drop in oil prices, and Governor Mark Carney said the rate could fall below zero in the coming months.
The forecasts also show inflation rebounding starting at the end of this year and gradually rising above the bank’s 2 percent goal, setting the stage for an increase in interest rates by the Monetary Policy Committee.
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