At long last, UK inflation appears to have peaked.

After hitting a 41-year high of 11.1% in October, the annual rate of consumer price inflation dropped to 10.7% in November — a bigger fall than the 10.9% predicted by economists.

While the Bank of England doesn’t expect inflation to return to its 2% target until early 2024, the general consensus is that the worst of the price surge is finally behind us.

Equally reassuring is that the same pattern is emerging elsewhere: both the US and eurozone reported larger than expected drops in consumer prices for November.