UK Nov CPI rises to the highest since Oct 2014

The UK consumer prices extended its upward trajectory in November, arriving at 1.2% versus October’s +0.9% and bettered estimates of a 1.1% reading, the Office for National Statistics (ONS) revealed on Tuesday.

While the core inflation gauge also outperformed in Nov, coming in at +1.4 y/y versus 1.2% last. Markets had predicted the core figures to show an increase of +1.3%.

On monthly basis, the UK inflation figures matched expectations, rising +0.2% last month, as compared to +0.1% seen previously.

ONS reports, “The rate in November was the highest since October 2014, when it was 1.3%. Rises in the prices of clothing, motor fuels and a variety of recreational and cultural goods and services, most notably data processing equipment, were the main contributors to the increase in the rate. These upward pressures were partially offset by falls in air and sea fares.”