London: The UK's annual inflation rate slowed to 3.2% in November, down from 3.6% in October, and coming in below market expectations of 3.5%, official data showed Wednesday. The rate reached its lowest level in eight months, signaling a significant easing in inflationary pressures.

According to Anadolu Agency, data from the Office for National Statistics (ONS) highlighted that food and non-alcoholic beverages, along with alcohol and tobacco, made the largest downward contributions to the monthly change in both the CPIH and CPI annual rates. Food and non-alcoholic beverage prices contributed the most to the decline, dropping to 4.2% in November from 4.9% in October. Notably, prices of bread and cereals, including items like cakes, biscuits, and breakfast cereals, saw a decrease this year.

Additionally, other sectors experienced notable slowdowns. Prices for transportation fell to 3.7% from 3.8%, housing and utilities dropped to 5.1% from 5.2%, alcohol and tobacco decreased to 4% from 5.9%, and actual housing rents fell to 3.8% from 4.1%. These sectors reported the lowest prices since December 2022. The cost of clothing and footwear also saw a reduction, with a decrease of -0.6% compared to a 0.3% increase previously, primarily driven by lower prices in women's clothing.

In contrast, recreation and culture costs remained stable, with a 2.9% increase, matching the rate observed in October. On a monthly basis, consumer inflation fell by 0.2% in November, reversing the 0.4% increase reported in October.