Falls in food, alcohol, and clothing prices last month helped drive inflation to its lowest level in eight months in November.
The inflation rate fell to 3.2% from 3.6%, a larger fall than analysts expected.
Lower food prices were the main driver of the fall, “with decreases seen particularly for cakes, biscuits, and breakfast cereals”, according to Office for National Statistics chief economist Grant Fitzner.
It comes ahead of the Bank of England’s decision on interest rates on Thursday, with a cut widely expected.
Other items which also pushed down inflation were the cost of tobacco, restaurant meals and hotel stays, furniture, and transport.
Prices are still rising on average across the economy, but decreases in some between October and November, mean they are not rising as quickly as before.
Credit: Source link
