The UK Consumer Prices Index (CPI) 12-month rate came in at 2.3% in November, down from October’s 2.4% and meeting the 2.3% print expected, the UK Office for National Statistics (ONS) reported on Wednesday.
Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 1.8% y/y versus 1.9% booked in October while in line with the consensus forecast of 1.8%.
The monthly figures showed that the UK consumer prices rose to 0.2% in November, matching 0.2% expectations and 0.1% previous.
Main Points (via ONS):
“The largest downward contributions to change in the 12-month rate came from falls in petrol prices and across a variety of recreational and cultural goods and services, principally games, toys and hobbies, and cultural services.
These downward effects were offset by increased tobacco prices and, to a lesser extent, price rises in a variety of other categories, for example, accommodation services and passenger sea transport.”
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