British inflation fell more than expected in November after it hit a 41-year high in October, raising hopes that the price surge has peaked and offering some comfort to the Bank of England as it prepares to raise interest rates again.
"Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels," ONS chief economist Grant Fitzner said.
Economists mostly expect the BoE will raise rates again on Thursday to 3.5% from 3%, despite the BoE's own forecasts that the economy is heading into a long recession. The Bank of England has been left in a difficult spot, and its policymakers are increasingly divided on the right response.
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