P.M. BRIEFING : British Inflation Falls 2nd Month
Retail prices in Britain fell for the second straight month in December, bringing inflation for the 12-month period down to 9.3% from an eight-year high of 10.9% in September and October.
The Central Statistical Office, in official data released today, attributed the decline in December mainly to lower gasoline prices. The retail price index in November was 9.7%.
Prices in Britain, where inflation is higher than in most of its European Community partners, had not previously fallen for two straight months since July, 1986.
Today’s figures will be heartening to Conservative Prime Minister John Major who has made the defeat of inflation one of his government’s highest priorities.
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