The overall rate of price rises – as measured by the consumer price index (CPI) – grew by 2.6% in November, a significant rise.
It’s a further move away from the Bank of England‘s target 2% inflation rate after the rate ticked up to 2.3% in October, the first increase in three months.
The increase is due to the higher cost of clothing, petrol and diesel, compared to last year, the ONS said.
While the 2.6% figure was expected by economists, it is above the 2.4% rate the Bank had predicted.
Costlier tobacco products also contributed to the change. Higher tobacco duty announced in the October budget could make this a persistent inflation driver.
Acting to slow price rises were plane tickets, which had the largest monthly drop since records began.
While the main measure of inflation, the CPI, was as economists expected, other measures were lower than forecast....<<<Read More>>>....
