UK inflation has dipped by more than expected last month from October’s 41-year high, but, households still remain under pressure due to soaring food and energy costs.
According to figures by The Office for National Statistics, the rate of Consumer Prices Index (CPI) inflation dropped to 10.7% in November, from 11.1% in October.
This comes as food prices continue to surge, up by 16.4% on annual basis last month.
Despite, economists initially expecting CPI inflation to fall to 10.9%, they claim the month of October was “peak” for inflation levels.
It marks a welcome decline from a record-high 11.1% seen in October, when soaring energy bills sent inflation to its highest level since October 1981.
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The ONS also stated the fall was largely followed price decreases of petrol and diesel.
The official figures added that prices at the forecourts were among the biggest driver of falling inflation, with petrol unchanged between October and November this year, at 163.6p a litre on average, but rising by 7.2p a litre a year earlier.
Diesel price increases also eased, rising by 4p a litre this year to 187.9p, compared with a larger rise of 7.4p a litre a year ago
“Although still at historically high levels, annual inflation eased slightly in November,” ONS chief economist Grant Fitzner said.
“Prices are still rising, but by less than this time last year, with the most notable example of this being motor fuels.”