UK inflation has reached its highest point since March, according to official figures.
The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.6% in November, from 2.3% the previous month.
The increase has largely been driven by an increase in petrol prices in the last month.
Grant Fitzner, the ONS’s chief economist, said: “Inflation rose again this month as prices of motor fuel and clothing increased this year but fell a year ago.
CPI rose by 2.6% in the 12 months to Nov 2024, up from 2.3% in Oct 2024.
— Office for National Statistics (ONS) (@ONS) December 18, 2024
Read the release ➡️ https://t.co/c7fPzGpIRc pic.twitter.com/xymm6zzBFR
“This was partially offset by air fares, which traditionally dip at this time of year, but saw their largest drop in November since records began at the start of the century.”
The rate of CPI inflation for food and non-alcoholic drinks, alcohol and tobacco, clothing and footwear all edged higher last month.
The inflation level swung back above the Bank of England’s 2% target in October, and the latest data show it continued to move further away from that last month.
Rising CPI is likely to reinforce expectations among economists that the Bank’s policymakers will opt to keep rates on hold at 4.75% when they next decide on Thursday, as they remain cautious of upward pressure on prices.
Chancellor Rachel Reeves said there is “more to do” to combat cost-of-living pressures.
“I know families are still struggling with the cost of living and today’s figures are a reminder that for too long the economy has not worked for working people,” she said.
“Since we arrived real wages have grown at their fastest in three years. That’s an extra £20-a-week after inflation.
“But I know there is more to do. I want working people to be better off which is what our Plan for Change will deliver.”
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