Inflation rate falls slightly to 10.7%

The rate of inflation hit 10.7% for the 12 months to November, down from 11.1% in October, according to ONS figures

The Office for National Statistics (ONS) said falling diesel and petrol prices led to the decline in the consumer prices index (CPI) measure of inflation, which now stands at 10.7%.

Overall, fuel prices rose by 17.2% in the year to November, down from 22.2% in the year to October.

Average petrol and diesel prices stood at 163.6 and 187.9 pence per litre in November 2022, compared with 145.8 and 149.6 pence per litre in November 2021.

The annual rate for transport was 7.6%, down for a fifth consecutive month from a peak of 15.2% in June 2022, and the lowest rate since June 2021. This was largely driven from motor fuels and second-hand cars.  

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