At 4.8 per cent, the Consumer Prices Index (CPI) fell slightly in November, from 5pc in October. The Retail Prices Index (RPI) was also down: from 5.4pc in October to 5.2pc in November.

While the slight decrease in inflation is good news, CPI is still more than double the Bank of England's target of 2pc - or two point zero - so it's unlikely that Mervyn King will be celebrating too much yet.

Plus, increases to domestic heating and off sales of alcohol were two of the goods and services putting upward pressure on inflation during November. With the holiday season upon us and a bitterly cold winter imminent prices increases in this area are likely to have a more pronounced effect on inflationary figures over the next month or two.

It's worth remembering that CPI inflation was at just 3.3pc in November 2010, illustrating just how much the cost of living has risen over the course of the last 12 months - and how difficult it has become for many households to keep on top of finances.