December 15, 2022: -In November, U.K. inflation came in less than expectations at 10.7%, as cooling fuel prices supported eased price pressures, though increased food and energy prices continued squeezing households and businesses.
Economists had projected an annual surge in the consumer price index of 10.9% in November following October experiencing an unexpected climb to a 41-year high of 11.1%. Every month, the November increase was 0.4%, which decreased from 2% in October and less than a consensus estimate of 0.6%.
The Office for National Statistics said the most significant upward contributions came from “housing and household services, and food and non-alcoholic beverages.”
The most significant downward contributions over the month came from “transport, from motor fuels, with increasing prices in restaurants, cafes and pubs making the huge, partially offsetting, upward contribution.”
The Bank of England will state its upcoming monetary policy move on Thursday. It is widely anticipated to raise interest prices by 50 basis points as it is juggling sky-high inflation and a financial that policymakers say is already in its most prolonged recession.
The country faces widespread industrial action over Christmas, as workers strike to demand pay increases closer to the inflation rate and better working conditions.
The independent Office for Budget Responsibility is projecting that the U.K. would suffer its most significant fall in living standards since records started, as real household income is anticipated to decline by 4.3% in 2022-23.
Last month, U.K. Finance Minister Jeremy Hunt announced a sweeping £55 billion financial plan, including a slew of tax increases and spending cuts, in an attempt to connect a substantial hole in the country’s public finances.
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