UK Inflation Rises to Two-Year High

Inflation in the UK has reached a two-year high, increasing to 1.2% in November, according to figures published today by the Office for National Statistics (ONS).

Mike Prestwood, a spokesman for the ONS, said in a statement:

“November’s slight rally in the value of sterling eased the inflationary pressure on businesses importing raw materials, but consumer prices continued to edge upwards, due mainly to the rising cost of clothing and fuel.”

Mark Carney, the Governor of the Bank of England, has warned that inflation may increase during 2017.