Inflation fell slightly in November, new figures show, but remains at double-digit levels.
ONS data shows that the consumer price index (CPI) was at 11.1 percent in October. However, this rate fell to 10.7 percent last month.
Although the fall will be welcomed by households and businesses across the country, the 10.7 percent figure remains at its highest level for 30 years. Experts believed that it would only fall by 0.2 percent.
The ONS’ chief economist, Grant Fitzner, explained the decline in the increase was down to ‘motor fuels’, ‘tobacco’, and ‘clothing’ rising at a slower pace than November 2021. Food prices remain sky-high, however, up by 16.4 percent on annual basis last month.
Chancellor Jeremy Hunt says wrestling inflation under control is his ‘top priority’. “The aftershocks of Covid-19 and (Vladimir) Putin’s weaponisation of gas mean high inflation is plaguing economies across Europe and I know families and businesses are struggling here in the UK,” he said.
“Getting inflation down so people’s wages go further is my top priority, which is why we are holding down energy bills this winter through our energy price guarantee scheme and implementing a plan to help halve inflation next year.
“I know it is tough for many right now but it is vital that we take the tough decisions needed to tackle inflation – the number one enemy that makes everyone poorer. If we make the wrong choices now, high prices will persist and prolong the pain for millions.”
His Labour counterpart, Rachel Reeves, said that people will feel worse off under the Tory government. The Shadow Chancellor said: Shadow chancellor Rachel Reeves said: “The question people across Britain will be asking themselves this morning is: ‘Do I and my family feel better off under the Tories?’ The answer will be no.”
She added the figures underlined the weakness of the economy but claimed Labour offered an alternative to a “path of managed decline”.
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