UK inflation slowed sharply last month as Black Friday discounts on clothing and footwear drove prices lower by the most in a decade, data showed this morning. Consumer prices rose just 0.3% for the month, after a 0.7% rise the month before, the Office for National Statistics (ONS) said. Economists had been going for a 0.6% increase.
Falling clothing and footwear prices made the largest contribution to lower inflation, as consumers saw prices which were over 3.5% lower than in the same month last year. This was driven by increased discounting as retailers sought to drive online sales ahead of Christmas while stores remained shut in England due to the second national lockdown. The ONS highlighted speculation that Black Friday sales were spread further across the month than in previous years. Meanwhile, food and non-alcoholic drinks fell by 0.6% in the year to November as vegetables and confectionery prices moved lower.
Also, it was reported on Bloomberg this morning that MacKenzie Scott, formerly married to Amazon's Jeff Bezos is trying to give away her fortune at a rate of knots. She has donated over USD4 bn in four months after announcing $1.7 billion in gifts in July. The latest recipients were groups operating in communities facing food insecurity, racial inequity, high local poverty rates, and low access to philanthropic capital. We say she is trying to give her wealth away. According to the Bloomberg Billionaires Index, Ms Scott has made over USD23bn from her Amazon holding and various investments this year alone.