Inflation in the U.K. fell to the lowest level in more than 12 years in November, according to data from the Office for National Statistics out on Tuesday. Growth in consumer prices rose 1%, down from 1.3% recorded in October and missing expectations of a 1.2% reading. The ONS said the level was the lowest since September 2002, and the last time it below this level was in June 2002 when inflation was 0.6%. Declines in transportation costs and in prices for recreational and cultural goods were the main contributors to the slowdown in November, according to the ONS. The pound first dropped to as low as $1.5612, but recovered from the brief loss to trade at $1.5691 at the latest. The FTSE 100 index erased an earlier loss and rose 0.2% to 6,193.92.
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