Annual inflation growth slowed in the United Kingdom last November, to 10.7 percent, down from 11.1 percent in October 2022, with prices still far from target.
The United Kingdom aims to reach inflation between 2-3 percent in the medium term, and has implemented 8 interest rate increases since December 2021, reaching 3 percent, to achieve this goal.
The United Kingdom’s National Statistics Office said, on Wednesday, that inflation, on a monthly basis, rose by 0.4 percent in November 2022.
The largest downward contribution to the change in annual consumer price inflation rates came in the transport sector, especially motor fuels, offset by higher prices in restaurants, cafes and bars.
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Also, there were downward effects from tobacco, accommodation services, clothing, shoes and toys; While the largest upward effect came from higher alcohol prices.
