U.K. Inflation Accelerates to Highest in More Than Two Years
U.K. inflation accelerated more than economists forecast in November, boosted by prices for clothing and gasoline.
The jump to 1.2 percent from 0.9 percent in October means consumer prices are rising at the fastest pace since October 2014. Economists had anticipated an increase to 1.1 percent.
The latest data from the Office for National Statistics also added to evidence of the buildup in inflation pressures because of the pound’s decline since Britain voted to leave the European Union and rising oil costs. U.K. import prices surged almost 15 percent in November, the biggest annual increase in five years, and upward pressure from energy may intensify after this month’s output cut by OPEC. Full Story