The UK’s inflation rate has fallen to the lowest level in more than two years, but the cost of living is still rising faster here than in most of the world’s advanced economies.
Prices rose by 3.9% in the year to November, in contrast to the US and the eurozone where inflation has eased to 2.1% and 2.4% respectively.
The UK has narrowed the gap on Germany and is now on par with France, but having been an outlier, many have asked: does the UK have its own inflation problem?
The UK has narrowed the gap on Germany and is now on par with France, but having been an outlier, many have asked: does the UK have its own inflation problem?
Stubborn food price inflation has been one of the main issues eating away at household budgets in the past year.
It hit a 45-year high in November 2022 and while it has since fallen, it has been slower to come down than in countries such as Germany, Italy and the US.
Latest official figures show UK food inflation was 9.2% in November, compared with 7.9% in France, and 6.1% in both Italy and Germany. US food prices rose by only 1.6% compared with the same month last year.
It is partly because the UK has to import a lot more of its food than other European countries, says Grant Fitzner, chief economist at the Office for National Statistics (ONS).
The UK’s inflation rate has fallen to the lowest level in more than two years, but the cost of living is still rising faster here than in most of the world’s advanced economies.
The UK has narrowed the gap on Germany and is now on par with France, but having been an outlier, many have asked: does the UK have its own inflation problem?
Prices rose by 3.9% in the year to November, in contrast to the US and the eurozone where inflation has eased to 2.1% and 2.4% respectively.
The UK has narrowed the gap on Germany and is now on par with France, but having been an outlier, many have asked: does the UK have its own inflation problem?
The UK has narrowed the gap on Germany and is now on par with France, but having been an outlier, many have asked: does the UK have its own inflation problem?
Stubborn food price inflation has been one of the main issues eating away at household budgets in the past year.
It hit a 45-year high in November 2022 and while it has since fallen, it has been slower to come down than in countries such as Germany, Italy and the US.
Latest official figures show UK food inflation was 9.2% in November, compared with 7.9% in France, and 6.1% in both Italy and Germany. US food prices rose by only 1.6% compared with the same month last year.
It is partly because the UK has to import a lot more of its food than other European countries, says Grant Fitzner, chief economist at the Office for National Statistics (ONS).
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