Inflation is likely to have peaked, but it will remain very high for months to come.
The dip in the overall rate of inflation in the year to November should be the start of a few months of falls. October's four-decade high now looks to have been the peak. But inflation will remain very high for months to come.
I was at the Winter Wonderland fair and ice rink in Reading testing the rather cold ground. They think they have benefitted from offering free entrance, but the owner Billy tells me there are signs of a profound squeeze everywhere. "Fuel has doubled over the past 12 months, but that's slowly creeping down. Gas prices have nearly tripled, and there's no sign that's coming down. The food is staying staying sky high... The drinks from the breweries that's going up," he tells me.Even in the latest inflation figures, food price rises reached new 45-year highs of 16.5%, as is evident in the shops. But it's not just petrol prices contributing to a slowing of the inflation rate.
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