LONDON (dpa-AFX) – Inflation in Great Britain has weakened somewhat from a very high level. In November, consumer prices rose 10.7 percent year-on-year, the ONS statistics office said on Wednesday in London. In October, the inflation rate was still 11.1 percent, the highest level since the time series began in early 1997.
Experts had expected the inflation rate to fall in November, but had assumed a slightly higher rate of 10.9 percent. The price increase has also weakened in a monthly comparison. In this regard, the statistics office reported growth of 0.4 percent for November, after consumer prices rose by 2.0 percent month-on-month in October.
According to the statistics authority, one of the reasons for the lower inflation rate was a weaker increase in fuel prices. In November, these increased by only 17.2 percent year-on-year, after the annual rate had been 22.2 percent in October. In addition, the rise in prices for used cars has weakened.
For some time now, the British central bank has been fighting the sharp rise in prices by raising interest rates. It has raised its key interest rate several times since the end of last year, most recently to 3.0 percent. The next interest rate decision is scheduled for Thursday. On the market with another rate hike then calculated on 3.5 percent./jkr/mis