UK inflation rate at 12-year low of 1% as fuel costs fall

[3rdRock]

http://www.bbc.co.uk/news/business-30493967

Cheaper fuel prices have pushed the UK's rate of inflation down to a 12-year low, official statistics show.

The Consumer Prices Index inflation measure - which covers the cost of basic household goods - fell to a rate of 1% in November from 1.3% in October.

If inflation falls below 1% the Bank of England would have to write a letter of explanation to the chancellor.