UK inflation tops 5%, fastest in a decade

"The strength of recent data means an interest rate rise from the BoE can’t be ruled out. But our base case is that the central bank holds off lifting rates, citing uncertainty about the omicron variant,” said Bloomberg economist Dan Hanson,

LONDON: UK inflation surged to its highest level in more than a decade in November, exceeding 5% months before the Bank of England (BoE) had expected.

Increases in the price of clothing, auto fuel and second-hand cars drove consumer prices up 5.1% from a year earlier, according to data released yesterday.