Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Ukrainian UK

Breaking

UK inflation rate rises to 3.1%

Latest news

    MoneyImage copyright PA

    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.

    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.

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

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

    However, it is not expected to announce a further increase when it publishes the results of the Monetary Policy Committee’s two-day meeting on Thursday.

    Mr Carney had said that he expected inflation to peak in October or November.

    Lucy O’Carroll, chief economist at Aberdeen Standard Investments, said: “It’s quite possible that inflation is now close to its peak. But some of the latest surveys suggest that service sector costs and prices are rising. Given how dominant services are in the economy, this could feed through to inflation overall.

    View the original article: http://www.bbc.co.uk/news/business-42320052

    “That means that further interest rate rises are definitely not off the table.”

    In the same category are

    Can you live in a plastic bottle house? "Plastic King" Robert Bezeau has built the world's first plastic bottle castle. The Canadian's four-storey fortress on Panama's Bocas del Toro island ...
    Jeremy Hunt threatens social media with new child-protection laws Image copyright Facebook/AFP/Google Image caption Jeremy Hunt has written to a number of internet companies, including Facebook and Google Jeremy ...
    The Lido author Libby Page on the power of uplifting fiction Image copyright Getty Images It may feel like the world isn't the happiest of places at the moment. But first-time author Libby Page is hoping that ...
    Salisbury attack: Russian TV’s claims about poisoning Image copyright Getty Images What has Russian TV been saying about the nerve agent attack and how much of it is true?On 4 March, Sergei and Yulia Sk...
    Salisbury attack: Russian TV’s claims about poisoning Image copyright Getty Images What has Russian TV been saying about the nerve agent attack and how much of it is true?On 4 March, Sergei and Yulia Sk...
    ‘The largest foreign bribery case in history’ The US Department of Justice called it "the largest foreign bribery case in history".After Brazilian multinational Odebrecht admitted guilt in a cas...

    Leave a comment

    Your email address will not be published. Required fields are marked *