Some good economic news for the government this morning.
Inflation is falling from its September peak with the consumer prices index (CPI) dropping to 4.8 per cent in November in what is being predicted as the start of a protracted downward slide.
Food, petrol, clothing and furniture, household equipment, and maintenance were all sighted as reasons for the fall with the broader retail prices index (RPI) falling to 5.2 per cent in November, from 5.4 per cent in October.
However some bad news from the statistics office when it said that prices of electricity, gas and other fuels rose by 20.9 per cent in November,that is the fastest pace since February 2009.
Inflation is expected to continue to fall into the new year as the affect of January’s rise in the rate of VAT to 20 per cent falls out of the figures.