“These figures confirm that inflation continued its unwanted comeback in the aftermath of the budget, as stronger fuel and clothing costs helped pulled the headline rate further away from the Bank of England’s 2% target.
“November’s uptick means that inflation is on track to top 3% by the middle of 2025, with tax rises in the budget and elevated energy costs likely to increase the upward pressure on prices in the near term.
“The rise in core inflation will make for slightly difficult reading for policymakers, as it suggests that underlying inflationary pressures in the much of the economy are not yet fully under control.
“This inflation increase extinguishes any lingering hopes of an interest rate cut on Thursday while concerns over mounting inflation risks, including the recent spike in pay growth, mean that a February loosening is not a done deal.”
ENDS
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