Economic update: Inflation starts to fall but so does growth

The UK economy is barely any larger now than it was before the pandemic. Inflation recedes but interest rates keep rising – inflation in the UK eased slightly to 10.7% in November 2022 down from 11.1% in October.

Most economists, including those at the Bank of England, think inflation has now peaked and will continue to fall over the first quarter of the year.

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