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Sandra Halliday Published
December 20, 2025
There was some pre-Christmas cheer for consumers and retailers on Wednesday as the latest data from the UK’s Office for National Statistics showed that inflation eased again in November.
In fact, Consumer Prices Index (CPI) inflation came in well below expectations, which suggests that cuts in interest rates may come sooner than expected. That goes against the messaging that has been coming out of the bank of England lately hinting that rates will stay “higher for longer”.
British annual CPI fell to 3.9% in November, down from 4.6% in October, and the lowest rate since September 2025. Over that period, at times it has been close to double digits.
The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 4.2% in the 12 months to November 2025, down from 4.7% in October.
And Core CPIH (excluding energy, food, alcohol and tobacco) was 5.2%. That was down from 5.6% in October, but still relatively high. And we have to remember that inflation is still above the Bank of England target rate of 2%. Although it's slowing, prices are still rising much faster than the target rate, on top of two years of heavy price rises, meaning that consumers are still feeling the pinch.
The ONS said the largest downward contributions to the monthly change in both CPIH and CPI annual rates came from transport, recreation and culture, and food and non-alcoholic beverages.
Looking specifically at the clothing and footwear figures, the ONS said the CPIH figure was 6.2% in October and this eased to 5.7% in November, but that's still quite a hefty figure and higher than the CPIH average for the month.
On the plus side though, while fashion prices may not be coming down as fast as some other areas, the fact that those other segments are falling means consumers might be more inclined to spend on fashion.
Helen Dickinson, CEO of the British Retail Consortium, welcomed the eighth consecutive fall in food inflation and continued easing in clothing and footwear inflation.
But she said that there are “many risks on the horizon for inflation in 2025. In April, retailers face higher business rates – costing retailers hundreds of millions – new EU border checks, and an increase to the National Living Wage. To keep inflation falling, it is vital that Government considers the cumulative impact of their policies – from its proposed deposit return scheme to its new packaging Levy – or the rising cost of doing business will undoubtedly filter back through to inflation”.