Post on 14 December 2022
Price rises slow down and petrol falls from record highs
UK inflation, the rate of price increases, fell from 11.1% in October to 10.7% in November.
This was due to the fall in petrol prices, which were at an all-time high, but was offset by the rise in alcohol prices in restaurants, cafés and pubs.
Prices rose by 10.7% in the year to November, up from 11.1% in October, leading some analysts to predict that runaway inflation may have peaked.
Inflation is a measure of the cost of living and to calculate it, the ONS tracks the prices of hundreds of everyday items, known as the ‘basket of goods’.
Lower inflation does not mean that the prices of goods will fall, but simply that they will stop rising as fast.
Source : BBC.