British consumer price inflation surged to its highest in more than 10 years in November, jumping to 5.1% from October's 4.2%, in news likely to unsettle the Bank of Englandas it considers whether to raise interest rates on Thursday.
Price pressure from a broad range of goods and services - but especially petrol, clothing and footwear - were responsible for the rise, the Office for National Statistics said.
"Despite today's inflation figures, we expect the Bank of England to adopt a wait-and-see approach at this week's meeting, allowing for more time to assess the net impact of the Omicron variant on growth and inflation," KPMG economist Yael Selfin said. Globally, inflation has risen much faster than economists expected this year, due to higher energy prices and COVID-related supply-chain bottlenecks. In Britain, post-Brexit trade and migration barriers have also caused problems.
Most economists had not expected the BoE to raise interest rates on Thursday after its December meeting, because of the unknown scale of the threat posed by rapidly rising cases of the Omicron coronavirus variant.
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