The UK’s Consumer Price Index (CPI), which measures inflation, rose to 3.2% year-on-year in November, according to data released by the Office for National Statistics (ONS) on Wednesday morning, December 17. This compares to a 3.6% increase in October and was below expectations of 3.5%, marking the lowest growth rate since March.

On a monthly basis, the CPI rose by 0.2% in November, compared to 0.1% in October.

The core CPI, which excludes food, energy, alcohol, and tobacco prices, rose to 3.2% in November from 3.4% in October, matching expectations.

In detail, the annual rate of food and non-alcoholic beverage prices rose by 4.2% from 4.9% and fell by 0.2% on a monthly basis, while alcohol and tobacco prices rose by 4% from 5.9% in October to their lowest level since December 2022, and clothing and footwear prices fell by 0.6%.