Inflation has reduced from just over 10% in October down to 7.9% last month.

The government says this drop is ‘almost entirely’ as a result of recent reductions in gas prices and the effects of a rise in those same prices in November, further reducing the 12 month rate of inflation.

Measured by consumer price index, the figure’s biggest contributor is housing, water, electricity, gas and other fuels.

The category increased by 23.5%, with oil and other fuels seeing the biggest rise with 61.7%.