Office for National Statistics data for November shows that inflation has eased slightly, but is still close to its highest level in 40 years
Inflation has fallen to 10.7 percent according to the Office for National Statistics, down slightly from October's 11.1 percent, but still near a 40-year high.
Grant Fitzner, chief economist at the Office for National Statistics told BBC Radio 4's Today programme: "Some may be calling this a peak. It is, I think, too early."Chancellor Jeremy Hunt said: "Getting inflation down so people’s wages go further is my top priority, which is why we are holding down energy bills this winter through our Energy Price Guarantee Scheme and implementing a plan to help halve inflation next year.
When prices increase, your money doesn't stretch as far, increasing the cost of living. This is especially the case if your salary or wage doesn't rise alongside inflation. Food prices are up by 16.4 percent on an annual basis last month, while energy bills are currently capped at a rate which will see an average household pay £2,500 a year.And it's not just homes, as retailers are also being hit by higher energy costs as well as the added expense of rising wages for staff so that they can get through the ongoing inflation.
Simply put, despite not buying any extra goods or services, the costs of your day-to-day life will go up.
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