British inflation slowed in November but sat near the highest level in more than 40 years, Office for National Statistics (ONS) showed Wednesday.
Gatekeepers News reports that as a cost-of-living crisis sparks fresh strikes, the Consumer Prices Index eased somewhat to 10.7 percent last month, as against expectations of 10.9 percent.
ONS in a statement said that marked a modest improvement from October’s 11.1 percent, the highest level since 1981, but pressures remain high due to soaring domestic energy and food bills after Russia’s war on Ukraine.
This comes amid crippling strikes by public and private sector workers demanding higher wages, which have been dramatically eroded by rising living costs this year.
Railway staff are currently staging their second day of a two-day national strike, kicking off a month of walkouts involving professions from nurses to passport control and postal workers that spells Christmas misery for millions.
The November inflation data was also published on the eve of an interest rate decision from the Bank of England, which is widely expected to deliver the ninth hike in a row as policymakers try to tackle rampant prices.
ONS Chief Economist Grant Fitzner, “Although still at historically high levels, annual inflation eased slightly in November.
“Prices are still rising, but by less than this time last year, with the most notable example of this being motor fuels.”
British Finance Minister Jeremy Hunt attributed this to Russian President Vladimir Putin’s war in Ukraine which resulted in sky-high energy prices, as well as the economic reopening from COVID restrictions.
Hunt said “The aftershocks of Covid-19 and Putin’s weaponisation of gas mean high inflation is plaguing economies across Europe, and I know families and businesses are struggling here in the UK.
“Getting inflation down so people’s wages go further is my top priority.”
“I know it is tough for many right now, but it is vital that we take the tough decisions needed to tackle inflation — the number one enemy that makes everyone poorer.”
Meanwhile, Prime Minister Rishi Sunak’s Conservative government insisted that inflation-busting pay hikes would further worsen the situation.
