News

UK INFLATION DECLINES FROM A 41-YEAR HIGH AS FUEL PRICE INCREASES SLOW DOWN

UK inflation has shown a steep drop in 16 months to 10.7% in November as momentum behind the rising cost of clothing and gasoline began to ease amid growing fears of a long recession. The drop was slightly better than expected by city analysts, who predicted that the annual rate of inflation would fall to 10.9% in October from 11.1% in October. While prices were rising, albeit at a slower rate, the increasing costs would add to the pressure on ministers to raise wages across the public sector to close the gap between earnings and rising prices.

The decline in the price of crude oil since last year, which decreased transportation expenses, was sparked by predictions of a recession through the end of 2023. As a result, fuel prices increased from 22.2% in October to 17.2% in November. The cost of used cars also helped slow down inflation. Prices increased by more than 31% between March and November 2021, but decreased by 5.8% by November 2022. In a nutshell, transportation, particularly motor fuels, accounted for the majority of downward contributions, while increases in restaurant, coffee shop, and bar costs accounted for the majority of upward, partially compensating contributions.

Households looking for relief after a spike in energy and food prices will appreciate the downturn. It won’t, however, significantly alter the discussion surrounding interest rates at the Bank of England, where officials predict that despite the economy entering a recession, inflation will continue to exceed the 2% objective well beyond 2024.

Read More

Recent Posts

NADJA Inc.: Bringing the full potential of automation technology to businesses

How will technological automation shape the future? For a long time, this has been a…

11 hours ago

10 Best Lead Generation Software: To Drive More Sales (2025)

The number of factors that go into creating and keeping up a successful lead generation…

3 days ago

AI Novel Writing Software: 10 Best Tools for Storytelling

Ever since the introduction of Generative AI, a new integration is emerging every now and…

3 days ago

10 Best Video Conferencing Software: Tools for Seamless Virtual Meetings

While in-person meetings are indisputable, video conferencing is a good substitute, particularly for completely remote…

6 days ago

10 Best OCR Software: Transforming Text Recognition Solutions

While mankind is moving towards digitalized solutions, the relevance of printed material has not diminished.…

6 days ago

Transcription Software: 7 Efficient Tools for Accurate Transcripts 2024

Since the Pandemic, the way individuals interact with content and manage data has changed significantly.…

1 week ago