No early rate hikes expected as UK inflation falls to a new low
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London
BRITISH inflation dived in December to a record-low level on sliding oil prices, data showed on Tuesday, sparking deflation fears and dampening the prospect of interest rate hikes any time soon. The 12-month Consumer Price Index (CPI) halved to 0.50 per cent last month, from a 12-year low of 1.0 per cent in November, the Office for National Statistics revealed in a statement.
The new level equalled a record low set in May 2000 but also fanned fears of deflation, or a damaging period of falling prices that undermines economic growth.
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