ONS UK CPI Inflation (November 2024): UK CPI inflation rose from 2.3% in October to 2.6% in November, which was in line with expectations from financial market analysts surveyed beforehand.

The rise was widely expected and primarily driven by higher prices for motor fuels and clothing but it is likely to mean that the Bank of England will continue to be cautious on the rate of interest rate cuts and, following the 0.25pp cut in November, it is likely to wait until February 2025 to cut interest rates again, as expected in the CPA’s Autumn forecasts.

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