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UK Inflation fell to 10.7% in November, down from 11.1% in October, but still remains close to a 40-year high as the cost of living continues to rise.
According to the latest data from the Office for National Statistics, the decrease was mainly driven by a fall in petrol prices as fuel prices rose by 17.2% in the year to November 2022, down from 22.2% in the year to October. Overall, the annual inflation rate for transport was 7.6% in November 2022, down for a fifth consecutive month from a peak of 15.2% in June 2022, and the lowest rate since June 2021.
The decrease was partially offset by the the annual rate for restaurants and hotels was 10.2% in November 2022, up from 9.6% in October and the highest rate since the constructed historical estimate of 10.5% in December 1991.
The ONS said the upward pressure came from price increases for alcohol served in restaurants, cafes and pubs, particularly for whisky, wine and gin.
Meanwhile, prices of clothing and footwear rose, overall, by 7.5% in the year to November 2022, down from 8.5% in October. On a monthly basis, prices rose by 0.1% between October and November 2022, compared with a larger rise of 1.1% between the same two months a year ago.
It added the downward effect in 2022 was principally from women’s clothing, where prices rose by less this year than a year ago. There was also a small downward effect from footwear, with prices falling into November 2022 compared with rises in 2021.
In addition, food and non-alcoholic beverage prices increased by 16.5% in the 12 months to November 2022, slightly up from 16.4% in October. The annual rate of inflation for this category has risen for 16 consecutive months, from minus 0.6% in July 2021.
ONS chief economist Grant Fitzner said: “Although still at historically high levels, annual inflation eased slightly in November. Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels.
“Tobacco and clothing prices also rose, but again by less than we saw this time last year. This was partially offset by prices in restaurants, cafes and pubs which went up this year compared to falling a year ago.”
