Inflation falls to two year low

Inflation falls to two year low
The UK inflation rate has fallen to a two-year low, according to data from the Office for National Statistics ONS and reported by BBC News, to 1.8% in January, down from 2.1% in December. Mike Hardie, ONS head of inflation, said: “The fall in inflation is due mainly to cheaper gas, electricity and petrol, partly offset by rising ferry ticket prices and air fares falling more slowly than this time last year.” The ONS said that petrol prices were down by 2.1% per litre between December 2018 and January 2019 due to falling crude oil prices. Hotel and restaurant prices were also lower while prices of women’s and children’s clothing saw larger price drops than a year earlier.