The inflation rate in the UK rose to 2.6% in November, marking the second consecutive month of increases and the fastest pace of price rises since March, official figures reveal.
Major contributors to rising inflation include higher prices for motor fuel, clothing, and tickets to events such as concerts and plays. However, airfares, which typically decline this time of year, saw their steepest drop since records began in November.
According to the BBC, Office for National Statistics (ONS) chief economist Grant Fitzner said: “Inflation rose again this month, as motor fuel and clothing prices rose this year but fell a year ago. anus.
“This was partially offset by airfares, which traditionally decline at this time of year, but saw their biggest drop in November since records began at the turn of the century.”
Chancellor Rachel Reeves acknowledged the current challenges for families facing the cost of living crisis, saying: “Today's numbers are a reminder that for too long the economy has not worked for workers. “I’m fighting to put more money in workers’ pockets.”
While inflation has risen compared to earlier this year, it remains well below its late 2022 peak. After falling steadily for two years, inflation fell below the Bank of England's 2% target in September , but has since increased for two consecutive months.
The latest data will likely discourage the Bank of England from cutting interest rates when it meets on Thursday, analysts say. The official forecasting body had previously forecast inflation would rise to 2.6% in 2025, influenced by budget measures announced in October.
Shadow chancellor Mel Stride criticized the government's handling of inflation, saying: “The chancellor has made a series of irresponsible and inflationary decisions. These numbers mean higher costs in stores, less money in workers' pockets and risks of keeping mortgage rates high for longer.”
Other categories, including food, non-alcoholic beverages, alcohol, tobacco and footwear, saw accelerated price increases last month. A broader measure of inflation showed that the costs of housing and household services, including rent, rose 3.5% over the past year.
In a similar development, Tribune Online recently reported that inflation in the United States rose to 2.7% in November.