UK inflation climbs 5.1% in November, reaching 10-year high

ANKARA

The UK’s annual inflation increased 5.1% in November, its highest level since September 2011, the Office for National Statistics (ONS) said Wednesday.

While market expectation for Consumer Prices Index (CPI) was to have an annual increase of 4.7%, the figure in October stood at 4.2%.

CPI increased 0.7% from the previous month.

Average petrol prices stood at their highest on record, according to the ONS.

The latest inflation data comes one day before the Bank of England's (BoE) critical meeting, as it could increase interest rates to tame high prices.

But BoE may keep rates unchanged since the quickly spreading omicron variant of the coronavirus in the UK is threatening economic recovery.

The bank forecasts inflation to hit 5% in the second quarter of 2022, before moderating to its 2% target range in late 2023.