Inflation in the United Kingdom came in somewhat lower than expected in November, at 10.7%, as falling fuel costs helped reduce pricing pressures, yet high food and energy prices continued to pinch both consumers and businesses.
Reuters polled economists predicted an annual increase in the consumer price index of 10.9%, after October’s surprising rise to a 41-year high of 11.1%. The monthly growth in November was 0.4%, down from 2% in October and below the consensus projection of 0.6%.
The largest upward contributions, according to the Office for National Statistics, were from “housing and household services (primarily from electricity, gas, and other fuels), and food and non-alcoholic beverages.”
The largest monthly downward contributions came from “transport, particularly motor fuels,” with rising restaurant, café, and pub prices constituting the largest, partially offsetting, upward contribution.
