UK inflation slows but remains elevated

LONDON - British inflation slowed in November but sat near the highest level in more than 40 years, data showed Wednesday, as a cost-of-living crisis sparks fresh strikes.

The Consumer Prices Index eased somewhat to 10.7 percent last month, the Office for National Statistics (ONS) said in a statement, against expectations of 10.9 percent.

That marked a modest improvement from October's 11.1 percent, the highest level since 1981, but pressures remain high due to soaring domestic energy and food bills after Russia's war on Ukraine.

The news comes amid crippling industrial action by public and private sector workers demanding higher wages, which have been dramatically eroded by rising living costs this year.

Railway staff are currently staging their second day of a two-day national strike, kicking off a month of walkouts involving professions from nurses to passport control and postal workers that spells Christmas misery for millions.

November's inflation data was also published on the eve of an interest rate decision from the Bank of England, which is widely expected to deliver the ninth hike in a row as policymakers try to tackle rampant prices.

"Although still at historically high levels, annual inflation eased slightly in November," noted ONS chief economist Grant Fitzner.

"Prices are still rising, but by less than this time last year, with the most notable example of this being motor fuels."