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25.12 - 18:59
UK inflation jumps to 10-year high as petrol prices soar
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UK inflation jumped to 5.1% in November as the price of petrol reached a record high and a computer chip shortage continued to push up the cost of cars.
The Office for National Statistics (ONS) said the increase took the consumer prices annual rate to its highest level since September 2011, when it stood at 5.2%.
Analysts said the increase in that measure from 4.2% in October is expected to put further pressure on the Bank of England to raise interest rates when it meets on Thursday, although the spread of the Omicron variant may deter policymakers from taking such action until the new year.
Petrol was one of the main drivers of inflation after it rose to an average 145.8p a litre in November compared with 112.6p a litre a year earlier. The
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