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Inflation hits lowest level on record in boon for consumers

Inflation fell to just 0.3% in January – its lowest level in decades. Most economists think the sharp drop in inflation will be a boon for consumers, with Capital Economics estimating that it has already delivered a benefit of £350 per household over the past six months. The Bank of England is expecting inflation to fall still further, potentially entering negative territory. However Governor Mark Carney has sought to dampen concerns of a deflationary spiral, saying that a period of low inflation propelled by falling oil prices would be 'unambiguously good' for the UK economy. George Osborne hailed yesterday's figures as a 'milestone' for the economy, though Labour's Cathy Jamieson said: 'A few months of falling world oil prices won't solve the deep-seated problems in our economy.'

 

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