UK inflation rate hits highest level for eight months

The UK inflation rate has gone up for the second month in a row, with prices rising at their fastest pace since March.

Inflation hit 2.6% in the year to November, according to official figures.

Fuel and clothing were among the main drivers behind the rise. Increasing ticket prices for gigs and plays were also a factor.

Analysts say the latest figures mean the Bank of England will almost certainly not cut interest rates when it meets on Thursday.

“Inflation rose again this month as prices of motor fuel and clothing increased this year but fell a year ago,” said Grant Fitzner, chief economist at the Office for National Statistics (ONS), which gathered the data.

“This was partially offset by air fares, which traditionally dip at this time of year, but saw their largest drop in November since records began at the start of the century.”

Chancellor Rachel Reeves said she recognised that families were still struggling with the cost of living.

“Today’s figures are a reminder that for too long the economy has not worked for working people.”

“I am fighting to put more money in the pockets of working people.”

Inflation, while higher than earlier in the year, is well below its peak in late 2022.

It has fallen steadily over the past two years and undershot the Bank of England’s 2% target in September, before rising again in October.

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