Inflation finally eases to 10.7% - as the cost of living continues to bite and households struggle to stay warm
14 December 2022, 08:28 | Updated: 14 December 2022, 10:02
New figures released on Wednesday show the UK’s inflation eased slightly during November to 10.7% – despite the rising price of food and soaring energy bills continuing to hit households.
October saw inflation rise to 11.1% – the highest rate for 41 years, up from 10.1% in September.
Despite the apparent slowdown in inflation, soaring prices have seen low income households struggle to afford basic supplies and energy bills, with many turning to food and warm banks as they struggle to cover costs.
The news follows Bank of England warnings that inflation could hit 13% this year.
The slowdown follows figures showing food prices have risen by a staggering 16.5% over the last 12 months.
Car drivers are set to breathe a slight sigh of relief, as the numbers show fuel prices are rising by less than they did at the same time last year.
The news also coincides with the pound hitting a six-month high following one of the most tumultuous periods in British economic history.
The latest figures were revealed after yesterday's news that US inflation was seen to have slowed by more than expected, with the Bank of England unveiling its latest interest rates decision tomorrow.
Many predict the bank will now increase rates from 3 per cent to 3.5 per cent following the news - great news for savers but less so those on high interest mortgages, loans and repayments.
