Inflation Drops Sharply To 32 In November After Food Prices Fall
Inflation fell sharply last month as lower food prices helped to ease the cost of living for households across the UK, new official figures showed.
The rate of Consumer Prices Index (CPI) inflation fell to 3.2% in November, from 3.6% in October, the Office for National Statistics (ONS) said.
This marks the lowest CPI rate since March this year and a bigger drop than the 3.5% that most economists were expecting for the month.
It means that prices are still rising across the country, but at a slower rate than they were before.
Food and drinks, as well as alcohol and tobacco, were the biggest factors pulling on the overall rate of inflation last month.
ONS chief economist Grant Fitzner said: “Inflation fell notably in November to its lowest annual rate since March.
“Lower food prices, which traditionally rise at this time of the year, were the main driver of the fall, with decreases seen, particularly for cakes, biscuits and breakfast cereals.
“Tobacco prices also helped pull the rate down, with prices easing slightly this month after a large rise a year ago. The fall in the price of women’s clothing was another downward driver.
“The increase in the cost of goods leaving factories slowed, driven by lower food inflation, while the annual cost of raw materials for businesses continued to rise.”
Published: by Radio NewsHub