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Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Subscribe to access this data or take out a free 30 day subscription trial now.
CPI inflation accelerated in November, rising by 5.1% YoY, from 00% last month – the sharpest rise since September 2011. This was above economists’ expectations of a 4.8% rise and considerably ahead of the Bank of England’s estimate of a 00% uplift.
Prices rose across the consumer basket with motor fuels, used cars, clothing, energy and food all supporting the surge in headline inflation.
Transport (+0.34pp) made the largest upward contribution driven by motor fuels and second-hand cars. Average petrol prices rose by 00 pence per litre on the previous month – a record monthly rise. Second-hand car prices also exerted upward pressure with demand remaining strong due to the shortage of semiconductor chips and fewer trade-ins which is restricting supply.
Clothing and Footwear (00) also provided upward pressure with prices rising this year compared with a fall a year ago when discounting increased during the second national lockdown. Men’s and Women’s clothing were the main drivers.
Food & Non-alcoholic Beverages inflation more than doubled on the previous month, rising to its highest rate since August 2018. The surge in food inflation was supported by six out of 11 sub-sectors with the category which contains confectionary contributing the greatest.
Elsewhere, Recreation and Culture (+0.11pp) also exerted upward pressure driven by Cultural Services, Books and Games, Toys & Hobbies.
The data suggests price pressures may be more persistent than temporary, with the core inflation rate (excludes food and energy prices) accelerating by 00% YoY, up from 00% last month.
Restaurants & Hotels (00) provided the only partially offsetting downward contribution, driven by Accommodation Services and to a lesser extent Restaurants & Cafes.
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