The UK Consumer Prices Index (CPI) has dropped to 3.9% in the year to November 2023, according to data from the Office for National Statistics released today (20 December).
The fall defied expectations, as economists had forecast inflation to decrease to 4.4% for the month from 4.6% in October 2023. The largest contributions to the drop came from transport, recreation and culture, and food and non-alcoholic beverages, the ONS found. Overall, the agency discovered there were no divisions with "large offsetting upward effects" during the month, with virtually all components either decreasing or remaining at the same level of October 2023. Core CPI has also fallen in November 2023 to 5.1%, from 5.7% in October. Chancellor Jeremy Hunt said inflation ha...
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