The UK inflation rate has gone up for the second month in a row, rising at the fastest pace since March 2024. The UK inflation rate rose to 2.6% in the year to November 2024, according to official figures.
However, the rise was predicted by economists and was apparently within the range of the expected increase anticipated.
Fuel and clothing were significant contributors to the increase. Additionally, rising ticket prices for concerts and theatrical performances played a role according to data from the Office for National Statistics (ONS).
The Bank of England raises interest rates to maintain inflation at its target of %. The next rate decision is on Thursday 19th December 2024 and economists anticipate that rates will remain at 4.75%.
Prices for food and non-alcoholic drinks, alcohol and tobacco, and footwear all rose at a faster pace last month.
A wider measure of inflation showed housing and household services costs, including rent, rose by 3.5%.
UK inflation 2016 – 2024
