The Consumer Price Index rose by 5.1% in the 12 months to November, up from, which was itself the steepest incline for a decade and more than double the central bank's target.
The Consumer Price Index rose by 5.1% in the 12 months to November, up from, which was itself the steepest incline for a decade and more than double the central bank's target.
Economists polled by Reuters had expected a reading of 4.7% for November, and the Bank of England has projected that inflation will hit 5% in the spring of 2022 before moderating towards its 2% target in late 2023. On a monthly basis, U.K. inflation rose 0.7% in November from October, above a Reuters poll for a 0.4% increase.
The Bank of England's Monetary Policy Committee meets Thursday to decide whether to tighten monetary policy, with inflation surging and the , but the rapid spread of the omicron Covid-19 variant has cast fresh uncertainty over the economic recovery in the short term.
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First Person Dies From Omicron Covid Variant In U.K.I am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter theroberthart or email me at rhartforbes.com
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