The UK’s soft inflation blessing

A low inflation read-out has taken the pressure off the Bank of England to raise rates quickly, and the UK should begin 2015 on a strong note.

In the UK, annual inflation fell to its lowest level in 12 years during November, with lower oil prices offering an early Christmas present for consumers. Nevertheless, the UK economy is well placed to begin 2015 on a high and should continue to grow at a solid pace over the next 12 months.

Inflation fell by 0.3 per cent in November, missing market expectations, to be 1 per cent higher over the year. Annual inflation has moderated from 1.9 per cent back in June and is now expected to dip below 1.0 per cent in the next few months.

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