UK: Inflation rate drops to 3.9%, country records its lowest figure in 2 years

The British authorities’s inflation rate has dropped sharply to contact the lowest stage figure of three.9 p.c, as per official information launched on Wednesday (December 20, 2023).

Data confirmed the inflation dropped banking on falling petrol costs.

In November, the Consumer Prices Index touched 3.9 p.c.

It stood at 4.6 p.c in October.

“The Consumer Prices Index (CPI) rose by 3.9% in the 12 months to November 2023, down from 4.6% in October and down from a latest peak of 11.1% in October 2022. Our indicative modelled shopper worth inflation estimates counsel that the October 2022 peak was the very best rate in over 40 years (the CPI National Statistic sequence begins in January 1997). The annual rate in November 2023 was the lowest since September 2021,” learn an official assertion.

Finance minister Jeremy Hunt welcomed the event and posted on X: “Inflation has greater than halved, from over 11% to 3.9% – so we are able to see the plan is working.”

“With inflationary pressures easing, alongside the key enterprise tax cuts I introduced in the autumn assertion, we’re again on the trail to wholesome sustainable development,” he stated.