London, December 14 (QNA) – Britain’s Consumer Price Inflation (CPI) fell more than expected in November to 10.7 percent from 11.1 percent in October, the highest in 41 years, offering some room for the Bank of England as it prepares for a new rate hike.

This comes after the United States announced its inflation rate fell for the second time in a row.

The chief economist at the Office for National Statistics, Grant Fitzner, indicated that prices are still rising, however, the rate is less than at this time last year.

The Bank of England is trying to combat inflation well above its target of 2 percent, and it has raised the interest rates sharply during the last 12 months.

In November, the Bank of England said that Britain is facing its longest recession, without expecting the decrease in the inflation to the target rate before the beginning of 2024, while a government budget watchdog warned against recording the biggest decline in living standards since records began in the 1950s.

Britain’s central bank raised the interest rate to 3 percent last month, the eighth consecutive increase since last year.

(QNA)

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