Inflation falls to lowest level in over two years

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6 minutes ago

UK inflation fell by more than expected in November to 3.9%, hitting its lowest rate in more than two years.

That was down from 4.6% in October and followed a sharp drop in fuel prices, along with slowing food costs.

Inflation has fallen from its peak in 2022, but is still almost double the Bank of England's 2% target.

The Bank has put up interest rates 14 times since December 2021 to try to slow price rises. Rates are currently 5.25%, a 15-year high.