UK Inflation rose to a 10-year record-high in November as consumer prices continued to increase before the Bank of England’s planned monetary policy meeting on Thursday.
- The Consumer Price Index increased by 5.1 percent in the 12 months leading up to November, from 4.2% in October.
- Economists surveyed by Reuters had projected a reading of 4.7% for November, and BoE had estimated that inflation would reach 5% in the spring of 2022 before cooling towards its 2% target in late 2023.
- On a monthly basis, UK inflation surged 0.7% in November from October, 0.4% higher than estimates from the Reuters’ poll.
Core CPI, excluding volatile energy, food, tobacco, and alcohol prices, increased by 4% year-on-year against a Reuters projection of 3.7% and 0.5% month-on-month compared to a 0.3% projection.
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