The rate of price rises in the UK has eased, meaning inflation has fallen to the lowest rate in more than two years.
The Consumer Prices Index (CPI) rose by 3.9 per cent in the 12 months to November 2023.
It’s down from 4.6 per cent in the previous month.
CPI inflation peaked at 11.1 per cent in the year to October 2022.
The CPI inflation rate is the lowest since autumn 2021.
Last month, Rishi Sunak heralded the data as showing his Government had “halved inflation meeting the first of the five priorities” he had set out at the beginning of the year.
While inflation has been easing since its peak in October last year, it’s still far from the Bank of England target of two per cent.
The Bank of England increased the base rate 14 consecutive times to try to ease inflation, finally pausing the hikes when policymakers voted to hold interest rates at 5.25 per cent in September this year.
The Bank of England’s Monetary Policy Committee (MPC) has held the base rate at this level, a 15-year high, since then.
More to follow…
