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The reading was in line with economists polled by Reuters, and rose 2.3 percent in October.
Core inflation, excluding energy, food, alcohol and tobacco, came in at 3.5 percent, just below Reuters’ forecast of 3.6 percent.
Headline price growth hit a three-and-a-half-year low of 1.7% in September, but was expected to rise further in the coming months, due to an increase in the energy price cap set by the regulator this winter.
Accountancy MHA economic adviser Joe Nellis said in emailed comments on Wednesday that the upward momentum would continue for the next few months, citing the energy market and “longer-term pressures from a tight domestic labor market.” Ready to continue.
Persistent inflation in the services sector, the dominant part of Britain’s economy, has lifted currency markets with little prospect of an interest rate cut at the Bank of England’s final meeting of the year on Thursday. Those conditions were strengthened earlier this week when the ONS reported this. Regularly strengthened wage growth 5.2% in the August-October period, up from 4.9% during the July-September period.
November data showed services inflation was unchanged at 5 percent.
If the BOE leaves monetary policy unchanged in December, it will end the year with just two cuts to its key rate, bringing it from 5.25% to 4.75%. Meanwhile, the European Central Bank has enforced the law. A four-quarter percentage point cut And this month indicated a firm intention to go down next year..
The US Federal Reserve is Rates are expected to be cut widely. At its own meeting on Wednesday, total cuts for the year were moved up to a full percentage point, up from a quarter point. Some doubts Should this step be taken or not in view of inflationary pressure?
This is a breaking news story and will be updated soon.