U.K. consumer prices remained at its lowest level in three years in November, with the rise in food prices, data from the Office for National Statistics showed Wednesday.
The CPI inflation measure saw a 1.5 percent rise in the year ended November, coming above forecasts of 1.5 percent, but the rate remains the lowest since November 2016.
“Prices rose between October and November 2019 by more than between the same two months a year ago, especially for sugar, jam, syrups, chocolate and confectionery,” the ONS said.
The annual core CPI reading held at 1.7 percent. That came in line with analysts’ projections.
As long as inflation is far below the Bank of England’s 2 percent target, it is less likely to seen an interest rate hike anytime soon.
As of 11:10 GMT, the pound traded lower higher versus
the U.S. dollar at 1.3114, resuming its drop from Friday’s top of 1.3514.