Commenting on today's publication of CPI figures for November, David Kern, Economic Adviser at the British Chambers of Commerce, said:
"Today's figures show annual CPI inflation at 2.1 per cent in November, the same as in October. Although inflation remains marginally above the 2 per cent target, the figure published today can be seen as relatively benign, because overall inflation remained unchanged in spite of the strong increase in the price of petrol.
"Since wage pressures remain under control, today's figures show that the immediate inflationary threats are still relatively subdued. Given the severe dangers to growth resulting from the credit crisis we believe the figures released today reinforce the arguments for the MPC to consider a small interest rate cut early in the new year."