UK inflation drops to 2.3% in November due to plummeting petrol prices

UK inflation drops to 2.3% in November due to plummeting petrol prices

UK inflation eased in November on the back of the biggest monthly drop in petrol prices in almost three years.

The Office for National Statistics (ONS) reported on Wednesday that UK consumer prices were up 2.3 per cent year-on-year in the month, down from the 2.4 per cent rate in October and the lowest since March 2017.

The ONS said petrol prices fell by 2.6 pence per litre in November, reflecting the recent drop in the global oil price.

The price of a barrel of Brent crude has slumped from $86 (£68) in October to just $56 this month.

Volatile UK video game prices were also down in November.

However, this was partially offset by upward pressure on the price index from a sharp rise in tobacco prices, due to the timing of October Budget’s duty hike

Source: https://www.independent.co.uk/news/business/news/uk-inflation-latest-november-latest-ons-petrol-brexit-pound-sterling-a8690176.html

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