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Inflation reportedly fell to 3.2% for November (Image: Getty)
GB News was interrupted with some breaking news about inflation figures. Business Commentator Justin Urquhart Stewart reacted to the Consumer Price Index, revealing that inflation fell to 3.2% for November. Despite this being welcoming news for Chancellor Rachel Reeves, it is still a long way off from the existing UK government inflation target of 2%. Consumer Price Inflation (CPI) had remained at the same 3.8% level for three months in a row.
In a veiled swipe at Chancellor Rachel Reeves, Stewart commented that the rate still remains too high and said: “It is not getting cheaper! The cost of running Christmas this year and people are not getting paid as much. It is not as a cheery Christmas as people might think it is going to be.”
Most economists had hoped the CPI would slow to 3.5% in October. Higher food and drink prices have been contributing to overall inflation this year, with households experiencing steep rises, particularly for products such as chocolate, coffee, cheese, and eggs.
Prices on average were 4.9% more expensive than in October 2024, it has also been revealed.
One fan argued on X: “Well my food bill certainly hasn’t decreased neither have my bills please enlighten me! Does anyone else think these figures are fiddled with? We certainly can’t trust the Labour loving Bank of England that’s for sure.”
Responding to the figures, Chancellor Rachel Reeves said: “This fall in inflation is good news for households and businesses across the country, but I’m determined to do more to bring prices down.
“That’s why at the budget next week I will take the fair choices to deliver on the public’s priorities to cut NHS waiting lists, cut national debt and cut the cost of living.”
ONS Chief Economist Grant Fitzner said: “Inflation eased in October, driven mainly by gas and electricity prices, which increased less than this time last year following changes in the Ofgem energy price cap. The costs of hotels was also a downward driver, with prices falling this month.
“These were only partially offset by rising food prices, following the dip seen in September. The annual cost of raw materials for businesses continued to increase, while factory gate prices also rose.”
