Inflation falls to 10.5% and average house price drops slightly to £295,000 — industry reacts
By Maddie AndersonThe 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.
Section: Opinion
- 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