U.K. inflation has reached its highest in ten years soaring to 5.1 percent, adding to the cost of living for millions of Britons. The Office for National Statistics found that inflation rose by 5.1 percent in the year to November, up dramatically from October's 4.2 percent. The increase was more than the 4.8 percent consensus of economists' forecasts and takes the level of inflation up to its highest level since September 2011. The increase is likely to pile on the pressure on rate-setters to raise interest rates on Thursday as inflation is running at more than double the central bank's target of 2 percent. Wednesday's figures showed how widespread the rise in inflation is, with surging prices found across a raft of goods and services, including for fuel, energy, cars, clothing and food.

Source: The Times December 15, 2021 11:21 UTC