British inflation reached its highest level in 10 years.
British consumer price inflation hit a 10-year high in November.
British consumer price inflation hit a 10-year high in November.
The country’s inflation rate reached 5.1 percent in November compared to October, up from 4.2 percent in October.
These figures are likely to shake the Bank of England in its decision-making. The bank will decide tomorrow whether to raise interest rates or not.
The UK National Bureau of Statistics said price pressures on a wide range of goods and services had driven the increase, but rising prices for petrol, clothing and footwear had the biggest impact.
This figure was higher than all economists predicted. Forecasts showed a 4.7 percent increase.
According to one economist, “Despite the inflation figures released today, we expect the Bank of England to take a patient approach at this week ‘s meeting to give more time to access the omicron effect on economic growth and inflation.”
The International Monetary Fund (IMF) yesterday forecast that British inflation in the second quarter of next year will reach about 5.5 percent, the highest figure in 30 years.
According to the report, global inflation has risen faster than economists expected this year due to rising energy prices and disruption of the supply chain due to the corona outbreak. In the UK, post-election trade relations and immigration barriers have also been problematic.
