Over the 12 months to November the inflation rate rose by 2.6%, up from 2.3% in October, however prices were rising slower than the 2022 high of 11.1%.

Although a step in the wrong direction, prices are rising at a slower rate than the 3.9% figure a year ago. Since April 2024 inflation has hung around the 2% mark, falling to a low of 1.7% in September.

The largest contributor was fuel prices with petrol up by 8p a litre, and diesel up by 1.4p per litre. However, fuel costs are still lower than a year ago when the price of petrol was £1.52 per litre and diesel was £1.59.  Today’s price for petrol stands at 134.8p per litre, while diesel is currently 140.5p.  

Alcohol and tobacco prices were up 1.4%, followed by clothing, up 0.6%, food and non-alcoholic drinks up by 0.5%.