Lower food and clothing prices help inflation fall by more than expected

In November, lower food and clothing prices contributed to a bigger-than-expected drop in inflation in the UK, falling to 3.2% from 3.6%. The Office for National Statistics reported decreases in prices of items like cakes, biscuits, and breakfast cereals, leading to the decline. This decrease in inflation hints that further interest rate cuts may be on the horizon, with food prices notably falling despite some popular Christmas items experiencing price hikes, such as beef and chocolate.