"Official figures from the Office for National Statistics (ONS) showed the consumer price index (CPI) rose by 3.2 per cent in the year to November, down from 3.6 per cent in October. The reading was below the Bank of England's forecast of 3.4 per cent and the 3.5 per cent expected by City economists, marking the lowest inflation rate since March."
""Inflation fell notably in November to its lowest annual rate since March," he said. "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.""
UK consumer price inflation slowed to 3.2% year-on-year in November, down from 3.6% in October. The figure was below the Bank of England's 3.4% forecast and the 3.5% City expectation. Core inflation eased from 3.4% to 3.2%, while monthly CPI fell 0.2%, signalling renewed disinflation. Lower food prices were the main driver, with monthly food prices down 0.2% and annual food inflation easing from 4.9% to 4.2%. Alcohol and tobacco inflation fell from 5.9% to 4.0%, and clothing prices moved to -0.6% annually. Broad-based declines across consumer categories raise the chances of another Bank of England rate cut.
Read at Business Matters
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