Inflation falls to 10.5% and average house price drops slightly to £295,000 — industry reacts
The office for National Statistics (ONS) has revealed that the Consumer Price Index (CPI) has fallen to 10.5% in the 12 months to December 2022, down from 10.7% in November.
Consumer Price Index (CPI) has fallen to 10.5% in the 12 months to December 2022, down from 10.7% in November
CPI including owner occupiers’ housing costs (CPIH) also dropped to 9.2%, compared to 9.3% in November
The largest downward contribution in both the CPIH and CPI rates came from transport, clothing, and recreation and culture
Rising prices in restaurants and hotels, as well as food and beverages made the largest, partially offsetting, upward contribution
UK average house prices rose by 10.3% in the year to November
Average house prices came in at £295,000 in November, marking a slight decrease from last month’s record high of £296,000om last month’s record high of £296,000
