UK inflation hits eight-month high of 2.6%, fuelling calls to hold interest rates

Annual increase in November driven by rising cost of petrol and groceries and hike in tobacco duty in budget

UK inflation has risen to its highest level in eight months, adding to pressure on the Bank of England to keep interest rates unchanged on Thursday despite a slowdown in the British economy.

The consumer prices index rose by 2.6% last month from 2.3% in October, driven by the rising cost of petrol, groceries and an increase in tobacco duty in the budget.

Topics

UK inflation rate hits highest level for eight months

Economists say the faster pace of price rises all but rules out an interest rate cut on Thursday.
BBC News - 33m
UK inflation increase solidifies expectations interest rates will be kept on hold

Inflation in the U.K. has risen to its highest level since March
ABC News - 1h
UK inflation rises to 2.6% in November

Figure cements expectations Bank of England will hold interest rates steady on Thursday
Financial Times - 3h
UK inflation rises to 2.6% in November, in line with expectations

UK inflation data comes after wage growth quashed any last expectation for a final 2024 rate cut from the Bank of England.
CNBC - 3h
Inflation and interest rates tracker: see how your country compares

Inflationary pressures are beginning to wane but not all central banks have taken action yet. See how this affects you
Financial Times - 4h
Muted wholesale inflation rate likely gives final go-ahead for Fed to cut interest rates

A key measure of U.S. wholesale inflation posted a small increase in November and probably added the final nail in the coffin in favor of a widely expected reduction in interest rates next week.
MarketWatch - 5d
This nugget of good news in hottish CPI inflation report may cement Fed interest-rate cut

Inflation has risen since the summer and raised anxiety at the Federal Reserve, but a welcome slowdown in housing costs could be just what the doctor ordered.
MarketWatch - 6d
China consumer inflation rate drops to a five-month low, missing expectations as economy slows

China's consumer prices rose less-than-expected in November, climbing 0.2% from a year ago, according to data from the National Bureau of Statistics released Monday.
CNBC - Dec. 9
BoE governor expects four UK rate cuts next year as inflation eases

Andrew Bailey welcomes better than expected fall in price growth in FT interview
Financial Times - Dec. 4

UK inflation hits eight-month high of 2.6%, fuelling calls to hold interest rates

Topics

Related

UK inflation rate hits highest level for eight months

UK inflation increase solidifies expectations interest rates will be kept on hold

UK inflation rises to 2.6% in November

UK inflation rises to 2.6% in November, in line with expectations

Inflation and interest rates tracker: see how your country compares

Muted wholesale inflation rate likely gives final go-ahead for Fed to cut interest rates

This nugget of good news in hottish CPI inflation report may cement Fed interest-rate cut

China consumer inflation rate drops to a five-month low, missing expectations as economy slows

BoE governor expects four UK rate cuts next year as inflation eases

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