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Sharp inflation slowdown leaves door to interest rate cut wide open
The rate of inflation hit a much lower than expected 3.2% last month, according to official figures which should lock in an interest rate cut by the Bank of England on Thursday.
The Office for National Statistics (ONS) reported an easing in the pace of the main consumer prices index measure from the 3.6% annual rate seen in October. The main downwards pressure came from food costs amid a supermarket price war to secure custom ahead of the core Christmas season.
Money latest: What the fall in inflation means for you ONS chief economist Grant Fitzner noted decreases in the prices paid for cakes, biscuits and breakfast cereals in particular. "Tobacco prices also helped pull the rate down, with prices easing slightly this month after a large rise a year ago.
Amir Nisi
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