{"id":2118140,"date":"2023-12-20T07:40:21","date_gmt":"2023-12-20T07:40:21","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/yorkshire\/?p=2118140"},"modified":"2023-12-20T07:40:21","modified_gmt":"2023-12-20T07:40:21","slug":"inflation-slows-to-lowest-level-in-two-years","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/yorkshire\/news\/2118140-inflation-slows-to-lowest-level-in-two-years","title":{"rendered":"Inflation slows to lowest level in two years"},"content":{"rendered":"

Inflation rose at its lowest level for more than two years in November, giving hope that the cost of living crisis may have passed its peak.<\/p>\n

The 3.9% increase in the consumer price index continues the downward trend that has been happening for most of the year, from the 40-year highs seen a year ago.<\/p>\n

Today’s figure was driven by lower fuel prices – which are down more than 10% on a year ago – and much slower growth in food prices, especially bread and cereals.<\/p>\n

\"\"

The rate of inflation is at its lowest level in two years (Source: ONS)<\/p><\/div>\n

ONS chief economist Grant Fitzner said: “Inflation eased again to its lowest annual rate for over two years, but prices remain substantially above what they were before the invasion of Ukraine.<\/p>\n

“The biggest driver for this month\u2019s fall was a decrease in fuel prices after an increase at the same time last year. Food prices also pulled down inflation, as they rose much more slowly than this time last year.”<\/p>\n

However the ONS highlighted that the overall price of food and non-alcoholic beverages is up by around 27% in the last two years.<\/p>\n

“Although the annual inflation rate for food has been slowing, food prices are still high following relatively sharp rises over the latest two years,” it said.<\/p>\n

Inflation peaked in October 2022 at 11.1% during a run of seven months that came in above 10%. The rate of price increases was still at 6.7% in September, but has dropped significantly in the two months since.<\/p>\n","protected":false},"excerpt":{"rendered":"

Price of fuel and food behind better-than-expected November figure<\/p>\n","protected":false},"author":18,"featured_media":2089108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120782],"coauthors":[81],"class_list":["post-2118140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-featured-story","tag-national"],"yoast_head":"\nInflation slows to lowest level in two years | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"Price of fuel and food behind better-than-expected November figure\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/yorkshire\/news\/2118140-inflation-slows-to-lowest-level-in-two-years\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" 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