Inflation slows to 10.7%

14 December 2022

The November data from the Office for National Statistics (ONS) have been released and they show that Consumer Price Index (CPI) inflation is down to 10.7%.

October’s figures were at 11.1%, a drop of 0.4 percentage points. This shows that prices are still rising, but at a slower rate than previously. The largest contributors this month were transport fuels and rising prices in cafes and restaurants.

As the Bank of England control the bank interest rate as a tool to control inflation, we will await their decision on 15 December 2022 on the latest bank rate.

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