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Rise in cost of concert tickets maintains low inflation rate

UK inflation remained at the lowest level in three years in November despite a rise in concert ticket prices as well as goods such as chocolate and holidays.

Figures from the Office for National Statistics (ONS) show the Consumer Price Index (CPI) was 1.5 per cent last month, flat from the rate in October. Inflation was last lower in November 2016.

Mike Hardie, head of inflation at the ONS, said: “The headline rate of inflation remained steady with prices rising across a variety of goods and services such as chocolate, concert tickets and package holidays, offset by falling hotel costs and cigarette prices rising substantially slower than this time last year.”

The inflation rate stayed at the lowest in three years and well below the two per cent target set by the Bank of England’s monetary policy committee, which meets on Thursday.

Tobacco prices significantly weighed down on inflation as the cost of cigarettes rose by just 0.1 per cent compared to a 3.4 per cent rise in November 2018.

The ONS reports that price hikes in the recreation and culture sector significantly offset this impact in November, adding that higher concert tickets drove the rise after a number of major UK tours announced during the month, while package holiday prices also increased.

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