Inflation in the UK slowed to 10.7% in November year on year, after 11.1% in October, the Office for National Statistics said on Wednesday, but it remains at historically high levels which are fueling a crisis of the cost of living.
A fall in transport prices and in particular fuel was the main factor in the slowdown in price increases in November, partially overshadowed by an increase in prices in restaurants, cafes and pubs, details the Office in a monthly report.
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Tobacco and clothing prices are also still rising, but less than last year, noted Grant Fitzner, chief economist at the ONS.
These figures are published on the eve of a monetary policy decision by the Bank of England, which should, according to market expectations, raise its interest rates again in an attempt to curb inflation, dubbed "
enemy number
by Chancellor of the Exchequer (Finance Minister), Jeremy Hunt.
“
After the shocks of Covid-19
” and the Russian invasion of Ukraine, which resulted in soaring gas prices, “
high inflation is hitting economies across Europe and I know the families and businesses are struggling here in the UK
,” Mr.
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"
Bringing inflation down...is my priority, which is why we're capping energy bills this winter and have a plan in place to halve inflation next year
," he said. he added.
While Britain's gross domestic product (GDP) rebounded 0.5% in October, the UK economy is already in recession according to several forecasting institutes, including the government, and is expected to remain so next year. .