Fri 20 December 2024:
The UK’s annual inflation rate reached an 8-month high of 2.6% in November, up from 2.3% in October, according to data released on Wednesday by the Office for National Statistics (ONS). This increase aligned with market expectations.
The primary contributors to the rise were transport costs, along with recreation and culture.
Transport expenses declined by 0.9% year-on-year in November, improving from a more significant 1.9% drop in October. Meanwhile, prices for recreation and culture rose by 3.6% annually, accelerating from 3% in October.
Core inflation, which excludes volatile items like energy, food, alcohol, and tobacco, also increased, reaching 3.5% in November compared to 3.3% in October.
__________________________________________________________________________
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22
__________________________________________________________________________
On a monthly basis, the Consumer Prices Index (CPI) edged up by 0.1% in November, down from 0.6% in the previous month.
Core CPI, however, remained steady in November.
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% over the past year.
Sarah Coles, head of personal finance at the financial services firm Hargreaves Lansdown, said: “Inflation is staying put for now, like an unwelcome Christmas party guest hogging the sofa into the small hours.
“The question is whether it can be shifted, or if it’s going to hang around to ruin our plans for months – eating us out of house and home and driving up the cost of everything again.”
