Wednesday, February 1, 2023

Price rises slowed but cost of living remains close to highest level for 40 years

UK inflation, the rate at which prices rise, fell to 10.7% in the year to November from 11.1% in October.

The drop was due to petrol prices falling from record highs, but was offset by price rises for alcohol in restaurants, cafes and pubs.

Some analysts said November’s lower figure showed that inflation has peaked and price increases will slow down.

Inflation is a measure of the cost of living and to calculate it, the Office for National Statistics (ONS) keeps track of the prices of hundreds of everyday items, known as a “basket of goods”.

Lower inflation does not mean the prices of goods will go down, it just means they stop rising as quickly.

The main driver behind the easing in the inflation rate between October and November came from the fall in price for petrol and diesel.

Price rises slowed last month but the cost of living remains close to its highest level for 40 years.

UK inflation, the rate at which prices rise, fell to 10.7% in the year to November from 11.1% in October.

The drop was due to petrol prices falling from record highs, but was offset by price rises for alcohol in restaurants, cafes and pubs.

Some analysts said November’s lower figure showed that inflation has peaked and price increases will slow down.

Inflation is a measure of the cost of living and to calculate it, the Office for National Statistics (ONS) keeps track of the prices of hundreds of everyday items, known as a “basket of goods”.

Lower inflation does not mean the prices of goods will go down, it just means they stop rising as quickly.

The main driver behind the easing in the inflation rate between October and November came from the fall in price for petrol and diesel.

Click below for more details.

https://www.bbc.co.uk/news/business-63963485

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