cost of living
Published 20 Dec 2023
1 min read
Inflation falls more than expected
The rate prices are rising in the UK slowed more than expected last month, according to official data.
Published: 20 December 2023
Figures from the Office for National Statistics show inflation fell from 4.6% in October to 3.9% in November.
Experts had been predicting a smaller drop to 4.4%.
Fuel and food drive drop
A big factor in the fall was a dip in fuel prices – both diesel and petrol.
Slowing price rises for food, including milk, butter and pasta, also contributed to the drop.
Still above target
Despite the steeper than expected drop, at 3.9%, inflation is still just under double the Bank of England’s 2% target.
This is why the central bank has said it’s premature to start talking about cutting interest rates.
It held rates at a 15-year high earlier this month and experts predict they’re unlikely to come down before next summer.
High interest rates make borrowing more expensive but can help reduce inflation.
A qualified journalist for over 15 years with a background in financial services. Rebecca is Money Wellness’s consumer champion, helping you improve your financial wellbeing by providing information on everything from income maximisation to budgeting and saving tips.
Published: 20 December 2023
The information in this post was correct at the time of publishing. Please check when it was written, as information can go out of date over time.
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