UK Inflation Cools After Reaching Highest Level in 41 Years

Inflation in the United Kingdom cooled somewhat in November after reaching its highest level in 41 years in October. According to the British national statistics agency ONS, inflation last month was 10.7 percent on an annual basis.

 

However, that was still 11.1 percent a month earlier.

As a result, inflation weakened more than expected. Economists had expected an average of 10.9 percent. The less high inflation is due to lower fuel costs at the pump than in October. However, prices for energy at home and food rose, as did alcoholic beverages in the catering industry.

The figure may indicate that inflation in the United Kingdom has peaked. The inflation crisis has hit many households in the country hard, and the government has taken support measures to help people with the high cost of living. Meanwhile, many strikes are taking place in the United Kingdom, including on the railways, to enforce higher wages.

To combat inflation, the British central bank has continued to raise interest rates this year. A new interest rate decision from the Bank of England is scheduled for Thursday. Even then, interest rates are expected to rise further.

British Chancellor of the Exchequer Jeremy Hunt said in a statement that many families and businesses are struggling due to high inflation. He says tackling inflation is his top priority.

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