STOCKHOLM: British economist Angus Deaton was announced Nobel Prize winner for economics on his analysis of consumption, poverty, and welfare, declared by the Royal Swedish Academy of Sciences on Monday.

The award holds a cash prize of 8 million Swedish crown ($978,000) prize. The economics prize, officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968.  It was not part of the original group of awards set out in dynamite tycoon Nobel’s 1895 will. ($1 = 8.1803 Swedish crowns) (Reporting by Anna Ringstrom and Daniel Dickson; Editing by Alistair Scrutton)