"UK inflation dropped far more than expected last month, with food prices falling to ease the cost of living, new official figures show. Consumer prices index (CPI) inflation fell to 3.2 per cent in November, down from 3.6 per cent in October, the Office for National Statistics (ONS) said the lowest rate since March this year and a notably bigger drop than the 3.5 per cent that most economists were expecting."
"The most immediate knock-on effect of this data, along with the past week showing rising unemployment and the economy contracting by 0.1 per cent, will be an almost-certain interest rate cut when the Monetary Policy Committee voters gather on Thursday. While the Bank of England has been reluctant to cut rates too quickly with inflation far above the 2 per cent target, the unexpected drop in CPI rate will mean a fourth interest rate cut of the year before Christmas."
The Independent deploys reporters across topics including reproductive rights, climate change, and Big Tech, investigating financials and producing documentaries such as 'The A Word' about American women fighting for reproductive rights. The outlet does not use paywalls and seeks donations to fund journalists and on-the-ground reporting. UK consumer price inflation fell to 3.2% in November from 3.6% in October, the lowest since March and a bigger drop than economists expected. Falling food prices helped ease the cost of living. Rising unemployment and a 0.1% economic contraction make an interest rate cut by the Monetary Policy Committee likely.
Read at www.independent.co.uk
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