UK CPI inflation falls to 4.8%

UK CPI inflation fell from 5% to 4.8% in November, the Office for National Statistics said, in line with economists' forecasts.

RPI inflation fell from 5.4% to 5.2%, the ONS added, while core CPI dropped from 3.4% to 3.2%, a slightly larger fall than had been forecast. The figures represent the second consecutive monthly fall in both CPI and RPI, which reached highs of 5.2% and 5.6% respectively in September. The Bank of England's latest inflation report, published last month, said inflation would likely fall back "sharply" through 2012 as contributions from VAT, energy and import prices declined and slack in the labour market persisted. The largest downward effects on the November CPI figure came from food...