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Inflation hits low of 0.5% as energy prices stagnate

UK inflation fell by 50 basis points to 0.5 per cent in December, the joint-lowest figure on record, says the Office for National Statistics.

According to the ONS, stagnant gas and electricity prices in November – compared with energy price increases a year earlier – were a key contributor to the decrease in inflation.

Falling oil prices also led to lower diesel and petrol revenues than a year earlier, placing further downward pressure on the rate of inflation.

Separately, the Retail Price Index fell by 40bp to 1.6 per cent between November and December.

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