Falling oil price causes CPI inflation to drop to 2.3% in November

Affecting petrol prices

Laura Dew
clock • 1 min read

UK inflation fell from 2.4% to 2.3% in November, meeting economist expectations, according to the latest figures from the Office for National Statistics (ONS).

The Consumer Price Index (CPI) fell to 2.3% in November as a result of downward pressure from petrol prices, which fell by 2.6 pence per litre between October and November 2018. CPI had previously remained steady at 2.4% during September and October.  WTI crude oil has fallen to $46 per barrel in recent weeks, down from $76 earlier in the year.  As well as falling petrol prices, the largest downward contributions during November came from a variety of recreational and cultural goods and services, according to the ONS. Upward contributions came "almost entirely" from tobacco, sai...

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