The biggest undershoot in UK inflation in at least a year has added to signs of a cooling economy, economists warned on Wednesday, as households restrain spending and the labour market sputters.
November’s 3.2 per cent inflation reading was sharply below the 3.5 per cent forecast in a Reuters poll of economists.
Analysts said the numbers reflect an economy being held back by faltering consumer demand and subdued business confidence, adding to arguments for the Bank of England to lower interest rates by a further quarter-point on Thursday. More rate cuts are likely in the new year given the UK’s sluggish state, they added.
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