UK inflation rate drops to 3.9% before end of the year with bigger than expected fall in November

The Office for National Statistics (ONS) has released official figures which show that inflation has dropped to its lowest level in more than two years.

The rate of Consumer Prices Index (CPI) inflation dropped to 3.9% in November, a fall from 4.3% in October. It is the lowest level since September, giving shoppers some reprieve before the end of 2023.

Experts and economists had predicted a further fall from October's 4.3%. However, the drop to 3.9% was bigger than expected.

Grant Fitzner, chief economist at the ONS, said: “Inflation eased again to its lowest annual rate for over two years, but prices remain substantially above what they were before the invasion of Ukraine. The biggest driver for this month’s fall was a decrease in fuel prices after an increase at the same time last year.