Cheaper fuel prices have pushed the UK’s rate of inflation down to a 12-year low, official statistics show.
The Consumer Prices Index inflation measure – which covers the cost of basic household goods – fell to a rate of 1% in November from 1.3% in October.
If inflation falls below 1% the Bank of England would have to write a letter of explanation to the chancellor. Inflation as measured by the Retail Prices Index fell to a five-year low of 2%, down from 2.3%.
The Office for National Statistics said falling fuel prices, caused by the decline in global oil prices, have brought the costs of both road and air travel down, with petrol prices down 5.9% in November.
Additionally, food prices fell by 1.7%.