UK inflation: Wine, gin and whisky prices up ahead of Christmas
BBC NewsDec 14, 2022
Consumer price data released by the British government has shown a decline in inflation to 10.7% in November, a decrease from 11.1% in October when the rate was its highest in 41 years.
According to Grant Fitzner, chief economist at the Office for National Statistics (ONS), this is consistent with inflation rates in the US and the eurozone, which have also seen greater than anticipated decreases in November. Particularly, gas prices appear to be lagging behind what they were a year ago.
A slower rate of inflation might seem like a win to those in the government, but it doesn't do anything to provide relief to people in the real world who continue to face a cost of living crisis. Ahead of the holiday season, the price of celebratory beverages, not to mention food and other basic commodities, is still way beyond the means of most Brits.
Defeating inflation is a painful process but a necessary one. Despite the stubbornly high prices of certain commodities, a dip in the cost of motor fuels is a reassuring sign that the worst has come and price pressure is easing. The BoE is doing what it can to solve a problem with many external causes, and through its efforts, the UK is now ready to move on to the next phase.
There's a 50% chance that UK's annual inflation rate will be at least 5.34% by 2023, according to the Metaculus prediction community.