On the go: The rate of inflation dropped slightly to 10.7 per cent in November, driven by a decrease in the price of fuels and secondhand cars
The consumer price index dropped from 11.1 per cent in October, but it is still at a 30-year high, according to the Office for National Statistics.
The largest price increases in November were from alcohol in restaurants, cafes and pubs, which were offset slightly by a 5.8 per cent drop in the cost of secondhand cars.
The retail price index rose to 14 per cent in November.
ONS chief economist Grant Fitzner 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.”
In a statement on December 14, the chancellor acknowledged the current public sector pay strikes, which have resulted in much of the UK’s train and postal services coming to a standstill.
Jeremy Hunt said: “The aftershocks of Covid-19 and Putin’s weaponisation of gas mean high inflation is plaguing economies across Europe, and I know families and businesses are struggling here in the UK.
“I know it is tough for many right now, but it is vital that we take the tough decisions needed to tackle inflation – the number one enemy that makes everyone poorer.”
The data comes a day before the Bank of England makes its last interest rate decision of the year.
This article first appeared on FTAdviser.com
