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UK annual inflation remains at 3-year low ahead of BoE decision

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UK annual inflation remains at 3-year low ahead of BoE decision

The U.K.'s annual inflation came in at 1.5% in November, in line with market estimates and unchanged from October, ahead of the Bank of England's policy decision due tomorrow.

Inflation eased in October to the lowest level since late 2016.

On an annual basis, housing, water, electricity, gas and other fuels contributed the most toward the Consumer Prices Index, including owner occupiers’ housing costs, which also stood at 1.5%, according to the data from the Office for National Statistics. Meanwhile, the largest downward contribution came from accommodation services and tobacco.

On a monthly basis, the Consumer Prices Index ticked up 0.2% in November, following a 0.2% fall in the prior month.

The BoE targets a 2% inflation rate.

Meanwhile, annual producer price inflation slowed to 0.5% in November from 0.8% in October, the ONS reported separately. Market estimates were for the growth rate to remain unchanged at 0.8%.

Producer prices slipped 0.2% month over month, compared to a 0.1% fall in the prior month.

Official data showed yesterday that employment rose 24,000 in the three months to October compared to the last quarter, following the steepest decline in employment in more than four years in the three months to September. Employment grew 309,000 year over year.

The employment rate edged up to 76.2%, 0.4 percentage point higher than a year earlier but little changed from the previous quarter.