UK inflation falls below 2% for first time in four years

The UK's consumer prices index fell to 1.9% in January, bringing it under the Bank of England's 2% target rate for the first time in four years.

Economists has predicted January's figure would equal the 2% reported in December 2013.  The Office for National Statistics said downward pressure came from recreation and culture, furniture and household goods, and the alcohol and tobacco sectors. The figure is likely to lend credence to the BoE's decision to hold off raising interest rates from a historically low 0.5%. Last Wednesday, Governor Mark Carney (pictured) said the Bank would look at more than just the unemployment figures when decising whether to raise interest rates. In August 2013, Carney had linked interest rate ...