London, Dec 21: The UK’s Consumer Prices Index (CPI) rose by 3.9 per cent in the 12 months to November 2023, down from 4.6 per cent in October, official data showed on Wednesday.This is the lowest inflation rate in more than two years, according to the Office for National Statistics (ONS), but still about double the 2 per cent target set by the central bank, reports Xinhua news agency.
On a monthly basis, CPI fell by 0.2 per cent in November 2023, compared with a rise of 0.4 per cent in November 2022, said ONS.
“The biggest driver for this month’s fall was a decrease in fuel prices after an increase at the same time last year,” said Grant Fitzner, chief economist of the ONS.
Data showed overall motor fuel prices fell by 10.6 per cent in the year to November 2023.
“Food prices also pulled down inflation, as they rose much more slowly than this time last year. There was also a price drop for a range of household goods and the cost of second-hand cars,” Fitzner said.
The annual inflation rate of food and non-alcoholic beverages was 9.2 per cent in November, easing for the eighth consecutive month from a 45-year high of 19.2 per cent in March 2023.
The ONS said the November 2023 rate is the lowest since May 2022.