UK inflation below official target for first time in 2 years

Posted at 4:44 AM, Feb 13, 2019
and last updated 2019-02-13 04:44:29-05

LONDON (AP) — Official figures show that consumer price inflation in Britain has fallen below the Bank of England's target of 2 percent for the first time in two years.

The Office for National Statistics said Wednesday that consumer prices rose by 1.8 percent in the year to January. That was down from the previous month's rate of 2.1 percent and the lowest since January 2017, when inflation was also 1.8 percent.

Inflation has been above the Bank of England's target for the past two years largely because the fall in the pound after the country voted to leave the European Union in June 2016 ratcheted up the cost of imported goods.

The largest downward contribution to the change in the 12-month rate came from electricity, gas and other fuels.