UK CPI inflation slowed further in November 2025, with prices falling -0.2% MoM (vs 0.0% MoM expected) and rising +3.2% YoY (vs 3.5% YoY expected), extending the recent disinflation trend.

• Headline CPI eased from +3.6% YoY in October to +3.2% YoY in November, while the monthly index declined -0.2%, reversing the +0.1% increase seen in November 2024.

• Core CPI (ex food, energy, alcohol and tobacco) slowed to +3.2% YoY (vs 3.4% YoY expected), down from +3.4%, and fell -0.2% MoM, marking its lowest annual rate since December 2024.

• Goods inflation decelerated to +2.1% YoY (from +2.6%) and declined -0.2% MoM, pointing to broad-based price softness across goods categories.

• Services inflation edged down to +4.4% YoY (from +4.5%) and fell -0.2% MoM, its lowest annual rate since December 2024.

• Food and non-alcoholic beverages inflation eased to +4.2% YoY (from +4.9%) and fell -0.2% MoM, delivering one of the largest downward contributions to the monthly change.

• Alcohol and tobacco inflation slowed sharply to +4.0% YoY (from +5.9%) and declined -0.4% MoM, reinforcing the monthly disinflation.

• Clothing and footwear prices fell -0.3% MoM and -0.6% YoY, while furniture and household goods declined -0.7% MoM and -0.3% YoY, highlighting ongoing weakness in discretionary goods prices.

• Housing and household services remained elevated at +5.1% YoY, with a +0.2% MoM increase, standing out as one of the few categories still showing monthly price gains.