UK inflation has fallen to its lowest level for more than two years, driven largely by a drop in fuel prices.
Prices rose by 3.9% in the year to November, down from 4.6% in October.
Slowing price rises for food, including staples such as pasta, milk and butter, as well as for household goods were also behind the fall.
Slowing price rises for food, including staples such as pasta, milk and butter, as well as for household goods were also behind the fall.
Falling inflation also does not mean most goods and services are cheaper, but rather prices are rising less quickly.
Grant Fitzner, chief economist at the Office for National Statistics (ONS), said that while UK inflation had eased again, “prices remain substantially above” what they were before Russia’s invasion of Ukraine.
A major impact following the outbreak of war was that global oil prices soared in 2022, pushing petrol and diesel prices to record levels.
However, oil prices have since fallen back and pump prices are now at their lowest level for more than two years, according to the RAC motoring group.
UK inflation has fallen to its lowest level for more than two years, driven largely by a drop in fuel prices.
Slowing price rises for food, including staples such as pasta, milk and butter, as well as for household goods were also behind the fall.
Prices rose by 3.9% in the year to November, down from 4.6% in October.
Falling inflation also does not mean most goods and services are cheaper, but rather prices are rising less quickly.
Slowing price rises for food, including staples such as pasta, milk and butter, as well as for household goods were also behind the fall.
Slowing price rises for food, including staples such as pasta, milk and butter, as well as for household goods were also behind the fall.
Falling inflation also does not mean most goods and services are cheaper, but rather prices are rising less quickly.
Grant Fitzner, chief economist at the Office for National Statistics (ONS), said that while UK inflation had eased again, “prices remain substantially above” what they were before Russia’s invasion of Ukraine.
A major impact following the outbreak of war was that global oil prices soared in 2022, pushing petrol and diesel prices to record levels.
However, oil prices have since fallen back and pump prices are now at their lowest level for more than two years, according to the RAC motoring group.
#inflation #falls #sharply #fuel #prices #drop
Note:- (Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor. The content is auto-generated from a syndicated feed.))
