Inflation in Britain surged to 5.1% in November, hitting a high unseen since September 2011, as consumer prices keep increasing ahead of another policy-setting meeting of the Bank of England later this week.
According to analysts polled by Reuters, the Consumer Price Index was projected to total 4.7% last month, while the regulator had expected that inflation would hit 5% in the spring of 2022 before moderating toward its 2% target in late 2023.
On a monthly basis, growth amounted to 0.7%, well ahead of a Reuters projection for a 0.4% increase, according to the latest figures revealed by the Office for National Statistics (ONS).
<blockquote>
<span><strong>Read more</strong></span>
<figure>
<img src="https://cdni.rt.com/files/2021.11/thumbnail/618a64b3203027750e16db76.JPG" alt="A woman wearing a face mask pushes a shopping cart at a Tesco supermarket in Hatfield, Britain, October 6, 2020." />
<figcaption><a href="/business/539745-uk-food-inflation-rise/">UK food prices edge close to pandemic peak</a></figcaption>
</figure>
</blockquote>
The agency also revealed the costs of goods manufactured by factories and the price of raw materials are also soaring, reaching the highest rate in at least 12 years.
Food prices have risen with beef and veal, whole milk, and butter up 5.1%, 5.7%, and 8.9% respectively. Tobacco prices surged 6.8%, while wine and beer rose 3.3% and 2% respectively. Clothing prices increased 3.8%, with infant and children’s garments costing 4.8% more than a year ago.
Households saw a 13.7% growth in the cost of materials for repairs, and a 23.2% increase in energy costs after the price cap was lifted.
When it comes to forms of transport, new cars rose 3.6%, used-car prices rocketed by 27.1%, and bicycles are 15% more expensive than a year ago. Inflation inevitably hit prices at the pumps, with diesel up 27.5% and petrol costing 29.5% more.
The Bank of England’s Monetary Policy Committee is scheduled to meet on Thursday to decide whether to tighten the country’s money supply. This comes amid the fast spread of the new Covid-19 strain, Omicron, that has triggered a new wave of uncertainty over the economic recovery in the short term, though the labor market remains robust.
For more stories on economy & finance visit RT’s business section
https://ift.tt/3ysTUxT 15, 2021 at 05:14PM
from RT – Daily news
Kiev is sitting on a “trillion dollars’ worth of minerals” that are “good” for the… Read More
Washington demands proof that the Venezuelan president really won the election – why should he… Read More
Türkiye’s president said creating such a bloc is the only way to stop what he… Read More
Over half of the country’s ministers have been dismissed. Why did Vladimir Zelensky decide to… Read More
Berlin must tackle “online radicalization” and further tighten control over social media, the legislator said… Read More
The Russian military has destroyed another M777 howitzer in Ukraine’s Kharkov region The Russian Defense… Read More