UK consumer price inflation rose at the fastest pace in more than a decade in November, the Office for National Statistics said on Wednesday.
Consumer price inflation rose to 5.1 percent in November from 4.2 percent in October. This was the biggest rate since September 2011, when inflation stood at 5.2 percent.
The rate was forecast to rise to 4.7 percent. The inflation rate stands well above the central bank’s target of 2 percent.
On a monthly basis, consumer prices grew 0.7 percent, following October’s 1.1 percent increase. Prices were forecast to climb 0.8 percent.
Core inflation that excludes energy, food, alcoholic beverages and tobacco, advanced to 4 percent from 3.4 percent in October.
Another report from the ONS showed that factory gate inflation increased at the fastest pace since September 2008. Output price inflation climbed to 9.1 percent in November from 8.6 percent in the previous month.
On the month, the rate of output inflation was 0.9 percent, but down from 1.5 percent in October.
Further, data showed that input price inflation hit its highest rate since August 2008. Input price inflation rose to 14.3 percent from 13.7 percent in October. Month-on-month, input prices gained 1 percent versus 1.6 percent a month ago.