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UK inflation rises to 2.6 percent in November
(MENAFN) The UK’s inflation volume surged to 2.6 percent in November, reaching the highest level in eight months, up from 2.3 percent in October, as per data released by the Office for National Statistics (ONS) on Wednesday. This uptick matched market forecasts.
The main drivers behind the increase were higher transport costs, alongside a rise in spending on recreation and culture.
Transport prices saw a decline of 0.9 percent year-on-year in November, an improvement from a larger 1.9 percent drop in October. On the other hand, costs for recreation and culture jumped by 3.6 percent compared to the same month last year, a notable rise from 3 percent in October.
Core inflation, which excludes volatile items like food, energy, alcohol, and tobacco, also rose, reaching 3.5 percent in November, up from 3.3 percent in the previous month.
The Consumer Prices Index (CPI) rose by 0.1 percent in November, slower than the 0.6 percent increase seen in October. Core CPI remained unchanged.
The main drivers behind the increase were higher transport costs, alongside a rise in spending on recreation and culture.
Transport prices saw a decline of 0.9 percent year-on-year in November, an improvement from a larger 1.9 percent drop in October. On the other hand, costs for recreation and culture jumped by 3.6 percent compared to the same month last year, a notable rise from 3 percent in October.
Core inflation, which excludes volatile items like food, energy, alcohol, and tobacco, also rose, reaching 3.5 percent in November, up from 3.3 percent in the previous month.
The Consumer Prices Index (CPI) rose by 0.1 percent in November, slower than the 0.6 percent increase seen in October. Core CPI remained unchanged.
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