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UK inflation falls to near two-year lows

LONDON (AP) — Inflation in Britain has fallen to its lowest level in nearly two years, providing households some relief at a time of acute Brexit uncertainty. The Office for National Statistics says consumer prices were up 2.1 percent in the year to December, down from 2.3 percent the previous month. The main reason was lower oil prices.

Inflation has been high over the past couple years largely as a result of Britain's 2016 vote to leave the European Union, which prompted a sharp fall in the pound that raised the cost of imports. The pound is firm Wednesday, up 0.2 percent at $1.2888, as some investors appear to think that the defeat of Prime Minister Theresa May's Brexit deal in parliament could delay Brexit or make a no-deal less outcome less likely.

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