United Kingdom: Inflation moderates in November
December 18, 2013
In November, consumer prices increased 0.1% over the previous month. The print mirrored the 0.1% increase registered in October and undershot market expectations of a 0.2% increase. Higher prices for clothing and footwear as well as for recreation and culture were the most important drivers behind the monthly rise.
In spite of November's increase, annual inflation inched down from 2.2% in October to 2.1% in November. Meanwhile, annual average inflation edged down from 2.7% in October to 2.6% in November.
In its latest inflation report from November, the Bank of England projects inflation to average 2.6% in 2013, before moderating to 2.4% in 2014. FocusEconomics Consensus Forecast panelists expect inflation to average 2.6% in 2013, which is down 0.1 percentage points from last month's forecast. For next year, the panel forecasts inflation to average 2.4%, which is unchanged from last month's forecast.
Author: Dirina Mançellari, Senior Economist