UK inflation has risen to its highest level since March, fuelled by a rise increase in petrol and clothes prices last month, according to the latest figures.
The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.6% in November, from 2.3% the previous month – the second rise in two months.
The rate of CPI inflation for food and non-alcoholic drinks, alcohol and tobacco, clothing and footwear all edged higher in November.
ONS chief economist Grant Fitzner said: “Inflation rose again this month as prices of motor fuel and clothing increased this year but fell a year ago.”
“This was partially offset by air fares, which traditionally dip at this time of year, but saw their largest drop in November since records began at the start of the century.”
CPI rose by 2.6% in the 12 months to Nov 2024, up from 2.3% in Oct 2024.
Read the release ➡️ https://t.co/c7fPzGpIRc pic.twitter.com/xymm6zzBFR
— Office for National Statistics (ONS) (@ONS) December 18, 2024
Chancellor Rachel Reeves commented on the figures saying they are a reminder that “for too long the economy has not worked for working people.”
“I know families are still struggling with the cost of living and today’s figures are a reminder that for too long the economy has not worked for working people,” she said.
British Retail Consortium director of insight Kris Hamer added: ““Retailers are doing their upmost to deliver an affordable Christmas for their customers in the face of global price pressures. For an industry that operates on low margins, £7 billion of increased costs from higher employer NI, National Living Wage, and new packaging levies, cannot simply be absorbed, despite retailers’ best efforts, and will inevitably lead to price rises, job losses, and more empty stores on our high streets.
“Retailers are watching the Government’s proposed changed to business rates closely, and it is essential that it leaves no store paying more in rates than before. By protecting shops, the government can support retailers as the invest in keeping shops open, and keeping prices down.”
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