UK: Inflation rate drops to 3.9%, country records its lowest figure in 2 years

The British government’s inflation rate has dropped sharply to touch the lowest level figure of 3.9 percent, as per official data released on Wednesday (December 20, 2023).

UK’s inflation rate drops to two-year lowest rate. Photo Courtesy: Pixabay

Data showed the inflation dropped banking on falling petrol prices.

In November, the Consumer Prices Index touched 3.9 percent.

It stood at 4.6 percent in October.

“The Consumer Prices Index (CPI) rose by 3.9% in the 12 months to November 2023, down from 4.6% in October and down from a recent peak of 11.1% in October 2022. Our indicative modelled consumer price inflation estimates suggest that the October 2022 peak was the highest rate in over 40 years (the CPI National Statistic series begins in January 1997). The annual rate in November 2023 was the lowest since September 2021,” read an official statement.

Finance minister Jeremy Hunt welcomed the development and posted on X: “Inflation has more than halved, from over 11% to 3.9% – so we can see the plan is working.”

“With inflationary pressures easing, alongside the major business tax cuts I announced in the autumn statement, we are back on the path to healthy sustainable growth,” he said.