UK inflation reaches 8-month high of 2.6% in November

The UK’s annual inflation rate reached an eight-month peak of 2.6% in November, rising from 2.3% in October, Anadolu Agency reported citing a statement by the Office for National Statistics (ONS) on Wednesday. This increase was in line with market predictions.

The main factors driving this rise were transportation costs, along with expenses related to recreation and culture. Transport costs saw a year-on-year decline of 0.9% in November, an improvement from a more significant 1.9% drop in October. In contrast, prices for recreation and culture increased by 3.6% annually, up from 3% in October.

Core inflation, which excludes fluctuating items such as energy, food, alcohol, and tobacco, also rose to 3.5% in November, compared to 3.3% in October. On a monthly basis, the Consumer Prices Index (CPI) increased by 0.1% in November, a decrease from 0.6% in the previous month. Meanwhile, core CPI remained unchanged in November.