The CPI, which measures inflation in the United Kingdom, rose by 5.1% in the 12 months ending in November, compared to 4.2% in October, exceeding expectations that it would rise to 4.8%, its highest level since 2011, after rising by 0.7% on a monthly basis.
In November, the core index, excluding food and energy prices, rose to 4%, compared to 3.4% in October (expectations of 3.7%). The largest contribution to the inflation rate in November came from the transportation sector by 1.34%, which was affected by the increase in car fuel prices in addition to the increase in prices in the housing and household services sector by about 1.28%.
Inflation rates were twice the bank’s target, and therefore the Bank of England will be subjected to a lot of pressure in its meeting tomorrow, Thursday.
Will the bank prefer to wait until it sees the impact of the Omicron variable on the economy, especially after the restrictions imposed by the government last week, or will it move tomorrow, especially since the first meeting of the bank is coming in February of the year The coming period is a long time in light of the anxiety caused by the accelerating inflation.
The British pound is recording gains against the US dollar, and is trading at 1.3245 levels, after testing 1.3262 levels just moments ago.
05/11/2024
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