UK inflation rose for the second month in a row in November, according to new figures from the Office for National Statistics (ONS).
Measured by the Consumer Prices Index (CPI), inflation ticked up by 2.6% in the 12 months to November 2024, up from 2.3% in the 12 months to October.
The largest upward contribution to the change came from motor fuels and clothing.
Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, rose by 3.5% in November, up from 3.3% in October.
Martin Sartorius, Principal Economist, CBI, said: “Another consecutive monthly rise in inflation, reaching its highest level since March, underscores the persistent price pressures within the UK economy. Wage growth remains strong, and we expect that the policy measures announced in the Autumn Budget will contribute to higher prices next year.
“Today’s inflation uptick reinforces our expectation that the Bank of England’s Monetary Policy Committee will leave Bank Rate unchanged tomorrow. Looking ahead, we anticipate a gradual, quarterly pace of rate cuts throughout 2025.”
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