UK inflation hits six-month high

Consumer price inflation reached a six-month high of 3.3% in November, figures released today by the Office for National Statistics show.

Consumer Prices Index (CPI) inflation is up from 3.2% in October and still well above the government's 2% target. It is also a U-turn from the decline of 0.6% between April and September, when inflation fell to 3.1%. The increase was driven by a record rise in food, clothing and furniture prices, Meanwhile Retail Prices Index (RPI) inflation - which includes mortgage interest payments - rose to 4.7% from 4.5%. Fidelity’s asset allocation director Trevor Greetham says tax is to blame for the elevated figures, which he expects will not concern the Bank of England. “If you include ...