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Petrol prices ‘set to fall further’ as inflation reaches 12-year low

UK inflation fell to a twelve-year low in November, fuelled largely by a significant drop in the price of petrol – a trend which is set to continue, according to the RAC.

Recent figures from the Office for National Statistics (ONS) have revealed that CPI inflation fell to 1% in November, from 1.3% in October.

The RAC has predicted that based on current trends, petrol prices will continue to fall, reaching less than £1 a litre by early 2015.

The average price of a litre of petrol now stands at 116.9p, while diesel costs an average of 122.33p a litre.

The British Chambers of Commerce (BCC) has welcomed the news of a fall in inflation. David Kern, Chief Economist at the BCC, said, ‘These figures will make it easier for the MPC to resist calls for higher interest rates. The UK recovery is still facing challenges, so a prolonged period of low interest rates will help to underpin business confidence and support investment’.

However, some experts have warned that a further fall in inflation could have an adverse impact on the economy.