The CPI measure of inflation has reached a 12-year low, in what has been dubbed an “early Christmas present” for consumers. CPI fell to a rate of 1% in November from 1.3% in October. The fall was driven by a 5.9% fall in petrol prices and a 1.7% fall in food prices. Inflation as measured by the Retail Prices Index fell to a five-year low of 2%, down from 2.3%.