Tuesday, 12 December 2017

UK inflation rate at 3.1% in November, near six-year high



Inflation rose to 3.1% in November, the highest in nearly six years, as the squeeze on households continued.

 
The Office for National Statistics (ONS) said that airfares and computer games contributed to the increase.


The most recent data shows that average weekly wages are growing at just 2.2%.


Mark Carney, the governor of the Bank of England, will now have to write a letter to Chancellor Philip Hammond explaining how the Bank intends to bring inflation back to its 2% target.


Mr Carney has to write a letter to the chancellor if the Consumer Prices Index (CPI) inflation rate is above 3% or below 1%.


In November, the Bank of England raised its key interest rate for the first time in more than a decade from 0.25% to 0.5%.




BBC      News.