November’s two-for-the-price-of-one inflation print beat expectations even more than we estimated.

This was partly due to a much sharper than expected easing in inflation from rents, which has been the persistent reason for the stickiness of inflation above the 2% target.

Data on newly rented properties (most recently from Q2) has been warning of much softer shelter inflation for some time. So perhaps the distorted collection process has led to a greater weight of new rentals this time around.

Nevertheless, one source of inflation stickiness does finally appear to be abating.