Inflation in the U.K. has gone up for the second month in a row with the rate for November rising to 2.6 per cent from 2.3 per cent
Higher prices for motor fuels and clothing helped push inflation higher, according to figures from the Office for National Statistics
Commenting on the figures Chancellor Rachel Reeves said “Today’s inflation figures are comparable to other countries around the world”, adding
“I recognise that the cost of living crisis continues to bite,”
Traders are sticking with bets that the Bank of England will cut interest rates gradually next year, with the UK’s inflation outlook still bleak
However inflation may not be as high as the official data shows, after academics found volatile energy costs are making it difficult to get a clear picture of price rises.
