UK CPI inflation slowed to an eight-month low of 3.2% in November 2025, compared with 3.6% in October. It was below economists’ expectations of 3.5%, as polled by Reuters and the Bloomberg consensus beforehand. As highlighted previously, September was expected to be the peak of CPI inflation, and the slowdown in October and November increasingly suggests this is the case. It also paved the way for December’s cut in the Bank of England’s base rate from 4.0% to 3.75%.

November’s slowdown in CPI inflation was primarily due to slower food, drink and clothing prices, although there is a potential concern that this reflects slower consumer spending and subdued wider economic growth, particularly in the light of an uptick in UK unemployment in Autumn.

I'm interested in:

• Construction Products Association
• CPA