the Inflation in the United Kingdom It fell to 3.9% in November, the lowest level since September 2021, the Office for National Statistics (ONS) reported on Wednesday.
The Office for National Statistics stated that the increase in prices in October amounted to 4.6%.
The Minister of Economy said: “After we reduced it by more than half, we began to remove inflationary pressures from the economy.” Jeremy HuntEstimating that the country has returned to a “healthy and sustainable growth path.”
At its peak in October 2022, British inflation exceeded 11%, A record in 41 yearsThis is due to rising energy prices, caused by the post-Covid-19 recovery and then the Russian invasion of Ukraine.
Ashley Webb, of Capital Economics, an independent economic research firm based in London, believes that these figures “put British inflation closer to US (3.1%) or Eurozone (2.4%) rates.”
This will reinforce expectations that the Bank of England will start cutting interest rates from May 2024, Webb added.
last week, Bank of England The bank left interest rates unchanged at 5.25%, the highest level in 15 years, considering that inflationary pressures still exist and are likely to remain high for an “extended period.”
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