UK inflation has slowed to it slowest rate for two years.

It dropped to 3.9% for November, down from 4.6% in October and lower than analysts expected.

The UK Government has hailed its aim of halving inflation by the end of 2023, however it remains almost double the Bank of England's 2% target.

The slowing down of inflation is primarily thanks to the price of food items such as bread and cake, while the average prices of petrol and diesel were also down.

Despite the fall however, food remains 9% more expensive than it was this time last year.

Chancellor Jeremy Hunt said, "we are starting to remove inflationary pressures from the economy".

"Alongside the business tax cuts announced in the Autumn Statement this means we are back on the path to healthy, sustainable growth. But many families are still struggling with high prices so we will continue to prioritise measures that help with cost of living pressures."


The UK's flagship share index, the FTSE 100, was up 86-points at 7,724 shortly after opening this morning.

Brent crude oil futures were up by 0.16% today, trading at $79.36 per barrel.

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