Inflation climbs to highest level in five years in November

Figures from the ONS released this morning said the 12-month UK Consumer Prices Index (CPI) reached 3.1% in November, the highest level in five years and the first time it has risen above 3% since March 2012. The move could lead to Bank of England governor penning a letter to Chancellor Philip Hammond to explain why it is more than 1% away from the 2% target. The ONS said the largest upward contribution to change in the CPI rate came from air fares, which fell between October and November but by less than a year ago. Rising prices for a range of recreational and cultural goods and ...