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Inflation hits six-year high at 3.1 per cent

by December 12, 2017

written by 12^th Dec 17 10:43 am

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UK inflation rose to 3.1 per cent in November, the highest in nearly six years.According to the Office for National Statistics (ONS), airfares and computer games contributed to the increase.

The Consumer Price Index measure of inflation (CPI) climbed to its highest level since March 2012, meaning the cost of living continues to increase well ahead of wage growth. CPI measures the growth in price of every day items including fuel, food, clothing and household goods.

ONS also reported that core inflation, which strips out volatile energy and food prices, was flat on October’s reading of 2.7 per cent

It remains above the Bank of England’s inflation target of 2 per cent.

The governor of the Bank of England Mark Carney, will now be writing a letter to chancellor Philip Hammond explaining how the Bank intends to bring inflation back to its 2 per cent target.