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Article: Fall in oil price may trigger UK deflation
- Article from:
- The Independent (London, England)
- Article date:
- January 5, 2009
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Copyright informationCopyright 2009 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Business in brief
OIL The recent slump in the price of oil could help boost the UK
economy, but too much of a further fall could reverse the good done,
said a study backed by accountancy firm Ernst & Young. The value of
oil has tumbled in recent months. It fell below $40 a barrel last
week, after peaking at almost $150 a barrel last year. The fall, if
oil stabilises around $40 a barrel, would cause an 0.3 per cent
reduction in economic contraction this year and add 0.6 per cent to
economic growth in ...