UK Inflation Rate Plummets to 3.9% in November, Easing Cost of Living Crisis

The UK inflation rate dropped more than expected to 3.9% in November, the lowest annual reading since September 2021. The decline was driven by decreases in transport, recreation and culture, and food and non-alcoholic beverages. The Bank of England maintained a hawkish tone, keeping its main interest rate unchanged at 5.25%, and emphasized the need for restrictive policy for an extended period. UK Finance Minister Jeremy Hunt welcomed the figures, stating that the country is starting to remove inflationary pressures and is on the path to healthy, sustainable growth.