The rate of Consumer Prices Index (CPI) inflation has fallen during November.

CPI inflation fell to 4.8% during November, down from 5% in the month before, according to figures released today by the Office for National Statistics (ONS).

The rate was attributed to a slowdown in transport, furniture and clothing prices but remains well above the Bank of England’s government-set 2% target.

Retail Prices Index inflation, which includes mortgage interest payments, fell to 5.2% from 5.4%. The largest upward contributors to inflation in the retail sector were alcohol and tobacco.

Slower rises in the rise in food and non-alcoholic drink costs also contributed to the fall in CPI, the ONS said.

The Bank of England predicts that inflation will continue to fall over the coming months to nearer 1.5% by the middle of next year and stay below the bank’s target until at least 2014.