UK inflation hits 8-month high of 2.6% in November

The UK’s annual inflation rate reached an 8-month high of 2.6% in November, up from 2.3% in October, according to data released on Wednesday by the Office for National Statistics (ONS). This increase aligned with market expectations, Anadolu reports. 

The primary contributors to the rise were transport costs, along with recreation and culture.

Transport expenses declined by 0.9% year-on-year in November, improving from a more significant 1.9% drop in October. Meanwhile, prices for recreation and culture rose by 3.6% annually, accelerating from 3% in October.

Core inflation, which excludes volatile items like energy, food, alcohol, and tobacco, also increased, reaching 3.5% in November compared to 3.3% in October.

On a monthly basis, the Consumer Prices Index (CPI) edged up by 0.1% in November, down from 0.6% in the previous month.

Core CPI, however, remained steady in November.