UK inflation down to 3.9% in November 2023

UK inflation down again

UK inflation fell by more than expected in November 2023, driven largely by a drop in fuel prices.

Inflation dropped to 3.9% in the year to November 2023, down from 4.6% in October 2023. Other than fuel, slowing food and household items were also behind the drop.

Inflation has fallen a long way from its peak in 2022, it is still almost double the Bank of England’s 2% target.

The Bank has put up interest rates 14 times since December 2021 to try to slow price rises, pushing up savings rates but also borrowing costs.

The Bank of England Interest rate is currently at 5.25%, a 15-year high.

Leave a Reply

Your email address will not be published. Required fields are marked *