UK inflation rises to six-year high of 3.1%

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The six-year high was an unexpected leap and will force the Bank of England Governor, Mark Carney, to explain to Chancellor of the Exchequer, Philip Hammond, why the increase has occurred.

The Office for National Statistics (ONS) numbers show the figure has risen to 3.1% from October’s 3%, the highest it’s been since March 2012.

The government has set a consumer price index target of 2% with the promise that the Bank of England must contact Philip Hammond if inflation exceeds 3% or falls short of 1%. This will examine further the bank’s interest-rate setting Monetary Policy Committee (MPC).

Highlights are the rise in computer game prices and the fall in airway fares (from 13.4% to 10.4%) from the same period last year.

Food and non-alcoholic drinks picked up to 0.6% from 0.5% in the same period last year.

Consumers were also met with higher fuel costs this November with petrol rising 1.8 pence a litre month-on-month to 119,1 pence and diesel rising by 2.3 pence a litre to 122.8 pence.

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