Christmas pinch: Inflation nears six-year high to reach 3.1% in November

Air fares were largest contributor

Inflation rose to 3.1% in November, according to the Office for National Statistics, beating previous estimates that it would hold steady at 3%.

Figures from the ONS released this morning said the 12-month UK Consumer Prices Index (CPI) reached 3.1% in November, the highest level in five years and the first time it has risen above 3% since March 2012. The move could lead to Bank of England governor penning a letter to Chancellor Philip Hammond to explain why it is more than 1% away from the 2% target. Has UK inflation peaked at 3%? Market reacts to unexpected October hold The ONS said the largest upward contribution to change in  the  CPI rate came from air fares, which fell between October and November but by less than a ...