Fuel and Food Prices Drive Down UK Inflation to 3.9% – ONS Analysis

LONDON: The UK‘s Consumer Prices Index (CPI) experienced a notable decline, dropping to 3.9% in the twelve months leading up to November 2023 from October’s 4.6%, marking the lowest inflation rate in over two years. Grant Fitzner, Chief Economist of ONS, attributed this decline to a 0.2% monthly drop in CPI for November 2023, fueled by a substantial 10.6% year-on-year decrease in overall motor fuel prices.

The slowdown in food price increases and a decline in prices for household goods and second-hand cars further contributed to this positive trend. Specifically, the annual inflation rate for food and non-alcoholic beverages eased to 9.2% in November, signaling the eighth consecutive monthly decline since its peak at 19.2% in March 2023. The ONS highlighted that November 2023’s rate is the lowest recorded since May 2022.

Despite these positive indicators, the inflation rate remains double the central bank’s target of 2%, emphasizing ongoing challenges in achieving economic stability.

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