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Inflation down to 4.2% and is expected to keep falling

18 January 2012
Christmas was a worrying time for many last year due to the state of the economy and households seeing their income squeezed with the threat of recession just around the corner. To tackle this, high street stores set about heavily promoting their sales in the run up to Christmas leading to a 2.8% drop in clothing and footwear. The Office for National Statistics say that as a result consumer prices index saw inflation dropping to 4.2% in December down from 4.8% in November.

A further contributory factor was a 0.6% drop in fuel and price drops by energy suppliers this month means that the trend is set to continue.

Northern Bank chief economist Angela McGowan said "For households, price pressures will ease and this should help to improve consumer confidence and those anaemic levels of domestic demand that we have been experiencing for some time now. For the Bank of England, falling inflation justifies any further monetary stimulus by way of quantitative easing" 

The Bank of England have predicted that inflation is on target to drop back to 2% by autumn in line with predictions.

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