THE UK’s rate of inflation fell to 10.7% in November as petrol prices dropped. The data from the Office for National Statistics (ONS) reveals the annual rate has gone down from 11.1% in October. In…
Chancellor Jeremy Hunt said inflation was “the number one enemy”.
Mr Hunt said that the aftershocks of the invasion of Ukraine mean high inflation is "plaguing" economies across Europe and that tackling it is his "top priority".However, the ONS said the three months to October saw theAlice Haine, personal finance analyst at Bestinvest, said that the fall "will offer little comfort" to consumers.
Ms Haine said: "At 10.7%, inflation remains more than double the 5.1% recorded in November 2021 and more than five times the Bank of England’s target of 2% highlighting just how squeezed disposable incomes have become over the past year."Falling inflation indicates that the cost of goods and services is dropping.
Inflation rose to 11.1% in October, and with the rate now at 10.7%, your cash will go slightly further.The latest figures show food prices are up by 16.5% on last year - so your money will not get you as much in the supermarket.It will mean that households face paying more when it comes to personal spending on food, but also energy, household bills and fuel.
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