Inflation at three-year low as travel costs slide
THE cost of clothes, hotels and flights tumbled in December as a price war for shoppers and holidaymakers dragged inflation down to its lowest level since 2016.
Prices rose 1.3pc on the year, the Office for National Statistics said, boosting families' spending power as pay packets are rising by 3.2pc.
The data piles more pressure on the Bank of England to cut interest rates, as inflation is well below the target rate of 2pc. At Mark Carney's last Monetary Policy Committee meeting as ...