Inflation in the U.K. as measured by the consumer prices index has eased back to its lowest level in more than two years. The Office for National Statistics said Wednesday that inflation dropped to 3.9% in the year to November, its lowest level since Sept. 2021, from 4.6% the previous month. That decline was bigger than anticipated in financial markets. The agency said the biggest driver for the fall was a decrease in fuel prices after an increase at the same time last year. The sharp fall has stoked speculation that the Bank of England may consider cutting interest rates sooner than anticipated.
