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UK inflation falls to 10.7% as petrol prices drop – what it means for your money
UK inflation falls to 10.7% as petrol prices drop – what it means for your money
Published on December 14, 2022 at 07:06 AM
THE UK’s rate of inflation fell to 10.7% in November as petrol prices dropped.
The data from the Office for National Statistics (ONS) reveals the annual rate has gone down from 11.1% in October.
UK’s rate of inflation fell to 10.7% in November
Inflation is a measure of how the price of goods and services have changed over the past year.
Prices are still rising but at a slower rate than last month when they were rising at their fastest in 41 years.
The ONS said that a drop in the price of fuel was part of the reason for the fall, but that was off-set by increases for alcohol in restaurants, cafes and pubs.
Grant Fitzner, ONS chief economist, said: “Although still at historically high levels, annual inflation eased slightly in November.
“Prices are still rising, but by less than this time last year, with the most notable example of this being motor fuels.
“Tobacco and clothing prices also rose, but again by less than we saw this time last year.
“This was partially offset by prices in restaurants, cafes and pubs, which went up this year compared to falling a year ago.”;
Chancellor Jeremy Hunt said inflation was “the number one enemy”;.
Mr Hunt said that the aftershocks of the invasion of Ukraine mean high inflation is “plaguing”; economies across Europe and that tackling it is his “top priority”;.
However, the ONS said the three months to October saw the economy drop by 0.3% compared with the previous three months.
Alice Haine, personal finance analyst at Bestinvest, said that the fall in inflation “will offer little comfort”; to consumers.
Ms Haine said: “At 10.7%, inflation remains more than double the 5.1% recorded in November 2021 and more than five times the Bank of England’s target of 2% highlighting just how squeezed disposable incomes have become over the past year.”;