Fuel prices drive drop in UK inflation

Posted at December 24, 2023 » By : » Categories : News » Comments Off on Fuel prices drive drop in UK inflation

The latest data from the Office for National Statistics (ONS) reveals a notable decrease in the UK inflation rate, reaching 3.9% for the year to November.

This dip surpasses expectations, marking the lowest inflation level in more than two years.

A significant contributing factor to this decline is the reduction in average prices for both petrol and diesel.

The ONS said: “The easing in the annual rate was the result of downward effects from motor fuels and to a lesser extent, second-hand cars, maintenance and repairs and air fares.

“The average price of petrol fell by 4.1 pence per litre between October and November 2023 to stand at 151 pence per litre, down from 163.6 pence per litre in November 2022.

“Diesel prices fell by 3.2 pence per litre this year to stand at 159.0 pence per litre, down from 187.9 pence per litre in November 2022. These movements resulted in overall motor fuel prices falling by 10.6% in the year to November 2023, compared with a fall of 7.6% in the year to October.”

Grant Fitzner, Chief Economist at ONS, said: “The biggest driver for this month’s fall was a decrease in fuel prices after an increase at the same time last year.

“Food prices also pulled down inflation, as they rose much more slowly than this time last year.”

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