2023.12.2006:32:00UTC+00UK Inflation Lowest Since 2021

UK consumer price inflation reached its lowest level in more than two years in November, the Office for National Statistics reported Wednesday.

The consumer price index posted an annual increase of 3.9 percent, slower than the 4.6 percent rise in October. This was the weakest inflation since September 2021 and also below economists' forecast of 4.4 percent.

On a monthly basis, the CPI was down 0.2 percent, following a nil growth in October. Prices were expected to climb 0.1 percent.

Excluding energy, food, alcohol and tobacco, core inflation softened more-than-expected to 5.1 percent from 5.7 percent in October. The expected rate was 5.6 percent.

Another data from the ONS showed that input prices continued to decline in November. Input prices decreased 2.6 percent annually, the same pace of decline as seen in October.

Month-on-month, the input price index slid 0.3 percent, in contrast to the 0.5 percent rise in October.

At the same time, factory gate prices dropped 0.2 percent following a revised fall of 0.3 percent in October. On month, output prices slid 0.1 percent after rising 0.3 percent a month ago.