LONDON: British inflation slowed more than expected in November but remained near the highest level in more than 40 years, official data showed Wednesday, as a cost-of-living crisis sparks fresh UK strikes.
The consumer prices index eased to 10.7 percent last month, the Office for National Statistics (ONS) said in a statement, against expectations of a drop to 10.9 percent.
The ONS said motor fuel prices had risen at a slower pace than a year earlier.
October’s annual inflation rate had stood at 11.1 percent, the highest level since 1981, after energy prices and food bills soared across the world this year on supply constraints caused by Russia’s invasion of Ukraine and the lifting of pandemic lockdowns.
Wednesday’s data comes amid crippling UK industrial action by public and private sector workers demanding higher wages.
Railway staff were staging a two-day national strike due to end Wednesday, kicking off a month of walkouts involving professions from nurses to passport control and postal workers that spells Christmas misery for millions of Britons.
November’s inflation data was meanwhile published on the eve of an interest rate decision from the Bank of England, which is widely expected to deliver its ninth hike in a row as policymakers try to tackle rampant prices.
Economists expect the BoE will lift its key lending rate to 3.5 percent from 3.0 percent on Thursday, further squeezing Britons’ disposable incomes with rising loan costs.
Comments
Comments are closed for this article.