UK inflation rose to 1.2% in November, a two-year high, following a surprise fall in October, according to the Office for National Statistics.
The figure is a rise following the unexpected fall in October to 0.9% which was due to lower clothing prices and university tuition fees which drove down the overall figure, despite uplifts from higher petrol prices. November's figure is the highest level since October 2014 when the Consumer Price Index (CPI) was 1.3%. Last month's figures saw upward pressures in clothing and motor fuel prices, although these were offset by falls in air and sea fares. Prices of clothing and footwear increased by 1.6% during the month, the largest monthly move since 2010, while petrol prices rose b...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes