Inflation in Britain rose in November by its weakest rate in 21 months, a development that’s likely to cheer consumers as they get ready for some last-minute Christmas shopping.
The Office for National Statistics said Wednesday that consumer prices were up 2.3 percent in the year to November, down slightly from the previous month’s 2.4 percent.
A fall in gas prices at the pump was the main reason behind the decline.
Oil prices have fallen sharply over the past few months largely because of oversupply in the oil market.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the November decline “marks the beginning of a sharp fall over the coming months, which will be driven primarily by lower energy prices.”
Inflation nevertheless remains above the Bank of England’s target rate of 2 percent.
It has largely been above that level since the Brexit vote in June 2016, which caused a sharp fall in the pound and a consequent increase in the price of imports.