London
The UK’s Consumer Prices Index (CPI) reported a 3.9% increase in the 12 months to November 2023, marking the lowest inflation rate in over two years, according to data from the Office for National Statistics (ONS). This figure represents a decline from the 4.6% recorded in October but remains double the central bank’s 2% target. On a monthly basis, CPI decreased by 0.2% in November 2023, contrasting with a 0.4% rise in the same month the previous year. Grant Fitzner, Chief Economist of the ONS, attributed the month’s decline to a notable decrease in fuel prices, with overall motor fuel prices falling by 10.6% in the year to November 2023. Food prices also contributed to the drop in inflation, rising at a slower pace than the previous year. Additionally, a decrease in the cost of household goods and second-hand cars influenced the overall decline. The annual inflation rate for food and non-alcoholic beverages stood at 9.2% in November, marking the eighth consecutive month of easing from a peak of 19.2% in March 2023. The ONS noted that the November 2023 rate is the lowest since May 2022.
