Britain Inflation Eased in November

Official data revealed that inflation in Britain slowed more than expected in November, which may reflect the Black Friday discounts, with the price of clothes and shoes falling at the highest rate in ten years.

The Office for National Statistics said consumer prices rose 0.3% year-on-year after rising 0.7% in October. A Reuters poll of economists indicated a reading of 0.6%.

The data indicates that inflation is close to a five-year low of 0.2% in August, a level far from the Bank of England’s target for an inflation rate of less than 2%, but close to it.

The Office for National Statistics said prices for clothes and shoes fell 2.7% in November alone, the biggest drop on record this month, compared with a 1% increase last year.

On an annual basis, clothing and footwear prices fell 3.6%, the largest annual decline since January 2010.