U.K. inflation slowed in November

According to the Office for National Statistics (ONS), the U.K. consumer price index (CPI) rose to 10.7% in November, below expectations, as falling fuel prices eased price pressures. But rising food and energy prices continue to weigh on households and businesses. Economists expected the U.K. CPI to come in at 10.9% year-on-year in November, after hitting a 41-year high of 11.1% in October.

Month-on-month, CPI rose 0.4% in November, down from 2% in October and below analysts’ expectations of a 0.6% increase.

The Bank of England (BOE), meanwhile, is preparing for its next monetary policy announcement tomorrow (December 15) and is expected to raise interest rates by 0.50%.

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