Consumer price index of Britain surged to the highest in more than 10 years in November. Inflation gauge surged from 5.1% in November from 4.2% in November.
The CPI number exceeded the Reuters poll forecast of 4.7%. According to the Office for the National Statistics, price pressure was from broad range of goods and services, but petrol, clothing and footwear lead the tally.
According to KPMG economists Yael Selfin said, as reported by Reuters, “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,”
Earlier the International Monetary Fund forecasted British inflation to reach around 5.5% in the second quarter of the next year- which would mark the highest in 30 years.