The rate of inflation hit 10.7% in the year to November 2022, down slightly from 11.1% in October, according to the Office for National Statistics (ONS).
The ONS said the easing of inflation is partly due to falling petrol and diesel prices. Overall, fuel prices rose by 17.2% in the 12 months to November, compared to 22.2% in October.
The annual rate for alcohol and tobacco fell from 6.2% in October to 4.2% in November. Meanwhile, clothing and footwear prices rose by 7.5%, down from 8.5% the month before.
Rising prices in restaurants, cafes and pubs made the largest upward contribution, with annual inflation in the sector rising from 9.6% in October to 10.2% in November.
The main drivers of inflation remain energy and food costs, with food and non-alcoholic beverage prices rising by 16.5% in the year to November. The annual rate for this category has risen for 16 consecutive months.
Head of research at the British Chambers of Commerce (BCC), David Bharier said:
“Today’s inflation rate of 10.7% may indicate we have passed the peak, but prices are now at a much higher level which will be felt for months to come.”
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