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UK consumer price inflation cooled faster than expected last month, according to data from the Office for National Statistics on Wednesday.
The ONS said the consumer price index rose 3.9% annually in November, cooling sharply from the 4.6% increase recorded in October. The inflation reading came in below FXStreet-cited market consensus of 4.4%.
The recent peak for annual inflation in the UK was 11.1% in October 2022, which the ONS estimated to be the highest since 1981. November’s reading was the lowest since September 2021.
The largest downward contributions in November came from transport, recreation and culture, and food and non-alcoholic beverages, the ONS said.
On a monthly basis, prices fell 0.2% in November, having seen no change in October. Market forecasts had been expecting a 0.1% rise.
Core consumer prices, which exclude energy, food, alcohol and tobacco, rose 5.1% annually, coming in below market expectations of a 5.6% rise. They had increased by 5.7% in October.
Separately, the ONS reported data for producer input prices.
On a monthly basis, producer input prices fell 0.3% in November, after rising 0.5% the prior month, which was revised from 0.4%.
Annually, producer input prices declined 2.6% in November, matching the pace seen in the previous month. Market forecasts had been expected a 3.3% drop. Input prices haven fallen on an annual basis for six months in a row.
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