UK inflation drops below 2% for the first time since 2009

Growth in the Consumer Prices Index (CPI) in the year to January was 1.9%, down from 2% in December, according to figures from the Office for National Statistics (ONS) today. The fall resulted from price movements for recreational goods and services, furniture and household goods, and alcoholic beverages and tobacco. These were partially offset by price movements for miscellaneous goods and services. The Bank of England's previous inflation report noted that CPI inflation fell back to 2% more quickly than anticipated but that the bank rate would still likely need to remain at low l...