What the inflation rate drop means for cost of living, interest rates and your bills
The rate of inflation in the UK has dropped slightly, to 10.7 percent from the 11.1 percent recorded in October.
It has come as little relief for households and businesses, who are still facing eye-watering prices across the board. The Office for National Statistics said the decline in the Consumer Prices Index was driven by falls in the price of petrol and diesel, as well as second-hand cars. But the price of alcoholic drinks in restaurants, hotels, cafes and pubs all went up, with just weeks to go before Christmas.
Food inflation hit a 45-year high last month of 16.4%, while power costs remain elevated. Energy bills will go up again in April when the Energy Price Guarantee headline figure of £2,500 a year for the typical household rises to £3,000.
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