The decrease is recorded for the second month in a row
By Thanasis Gavou
Reducing inflation for the second month in a row it was recorded in November in the United Kingdom, with the price of the Consumer Price Index to decline to 10.5%.
In October the corresponding price was 10.7%, while in September the highest price for four decades was recorded at 11.1%.
The main factor contributing to even a small further drop in inflation was the reduction in fuel costs. At the same time, the prices of clothes and shoes fell, as well as of shows and other cultural events.
On the other hand, inflationary pressures are maintained by high prices in restaurants and hotels, food and non-alcoholic beverages.
The slow fall in shopping costs is expected to lead the Bank of England to further hikes in its key lending rate as part of its mission to keep inflation at 2%.
The estimate of most financial analysts is that interest rates will peak at 4.25% in May from 3.5% today.
Welcoming the new drop, Chancellor of the Exchequer Jeremy Hunt said: “High inflation is a nightmare for family budgets, destroying business investment and leading to strike action, so as hard as it is, we must stick to our plan to reduce it ».
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With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
