Three-year low of 1.5% comes with the speculation that interest rates will be cut in the near future
In November, chocolate prices rose by 4.3% compared to the same month in 2018, the ONS said.
In November, despite rising costs for a variety of goods like chocolate, concert tickets and package holidays, UK inflation stayed at the lowest level in three years.
The National Statistics Office (ONS) said last month’s consumer price index (CPI) remained steady at 1.5 percent, the same level reported in October, as the annual increase in some prices was offset by falling prices elsewhere, including for cigarettes and hotel rooms.
Rate-setters at the Bank of England are planning to meet on Thursday as speculation mounts to cut interest rates in the near future, with the Uk economy faltering and inflation staying below the Bank’s 2 percent target.
Last month, the monetary policy committee of Threadneedle Street was divided on whether to cut borrowing costs, with two of the nine-strong team opting for a 0.25% reduction from the base rate of 0.75 percent. On Thursday, city economists expect the same result again.
David Cheetham, the online financial trading firm XTB’s chief market analyst, said: “There are growing calls that the Bank may be set to loosen policy in the coming months, although the key determinant will likely be how they view the election result and what this means going forward.”
In recent months, growth in the British economy has slowed in the run-up to the election at a time of extreme Brexit uncertainty and political gridlock.
While stock markets initially roared ahead after the landslide victory of Boris Johnson, city investors have become more wary as the prime minister sets a hardline stance over a year’s trading relationship with the EU.
The deadline for the transition period at the end of December 2020 has been warned by business leaders to represent another Brexit cliff edge likely to hinder business investment in Britain.
The National Institute of Economic and Social Research said the rising food and drink prices contributed most to the year – to-November inflation, but these rises were offset by small declines in the prices of alcohol, tobacco and clothing.
At regional level, NIESR found inflation to be the highest in the north, 1.5%, and 0.7% the lowest in the southwest.
In more than seven years, UK house price growth fell to its lowest annual rate, dragged down by London’s falling prices. House prices in Northern Ireland, Wales and Yorkshire continued to rise.
According to the ONS, the average home price rose to £ 233,000, the lowest growth rate since September 2012, by 0.7 percent over the year to October.


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