UK consumer price inflation rose in November as anticipated, according to official data released on Wednesday.
The Office for National Statistics reported that the Consumer Price Index increased by 2.6% year-on-year, up from 2.3% in October. This marks the second consecutive month that inflation has exceeded the 2% target.
Core inflation, which excludes volatile items like energy, food, alcohol, and tobacco, climbed to 3.5% from 3.3%.
The CPI for goods experienced an annual rise of 0.4%, recovering from a 0.3% decrease. Meanwhile, inflation in service costs remained stable at 5.0%.
On a monthly basis, inflation eased to 0.1%, aligning with predictions, down from 0.6% in the prior month.
Additional data from ONS indicated that factory gate prices fell by 0.6% annually, after a revised 0.9% decline in October. The rate of annual decrease in input prices moderated to 1.9% from 2.4%.
For November, input prices held steady following a 0.1% increase, while output prices rose by 0.3% after a revised 0.1% reduction.
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