UK Retail Inflation Report summary
December 2023
Period covered: Period covered: November 2023
3 minute read
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
Inflation
Annual inflation fell again in November, to xx% from xx% last month – the lowest rate since September 2021. The fall was well below economists' forecasts of a xx% rise. On a monthly basis, prices fell by xx%.
Notably, core inflation, which excludes food and energy prices, also eased, to xx% YoY from xx% in October, suggesting underlying cost pressures are improving.
The closely-watched services inflation fell to xx% (from xx% in October) while goods inflation dropped sharply to xx% (xx% last month).
Downward pressure came from easing petrol and diesel prices which fell xx pence per litre and xx pence per litre respectively between October and November. Second-hand cars and air fares also provided some downward pressure.
Food inflation reported another notable fall, rising by xx% YoY, from xx% in October – the lowest rate since xxxxx. Breads and cakes were said to be a key driver of the slowdown with smaller contributions coming from categories such as meat, milk, cheese and eggs; and soft drinks.
However, overall food and non-alcoholic beverages inflation is up almost xx% over the two years between November 2021 and November 2023. This compares with a rise of around xx% over the ten years between November 2011 and November 2021.
Encouragingly, input producer price inflation remained in negative territory falling by xx% YoY while factory gate inflation fell by xx% supported by food products.
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Inflation eases but remains high
Source: ONS
