UK inflation rises to 2.6% further above Bank of England target – business live
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In good news for travellers, air fares fell by 19.3% on the month, compared with a fall of 13.9% a year ago. Fares usually fall in November, but the latest drop was the largest November fall since monthly price collection began in 2001. It was largely driven by fares on European routes.
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The biggest factor pushing inflation higher was transport, the ONS said. Overall prices in transport fell by 1.1% in the year to November, compared with a drop of 2.0% in the year to October. On a monthly basis, prices fell by 0.8% in November compared with a fall of 1.7% a year ago.
The change in the annual rate was mainly the result of upward effects from motor fuels and second-hand cars, partially offset by a downward effect from air fares. Rachel Reeves, the chancellor, said:. I know families are still struggling with the cost of living and today’s figures are a reminder that for too long the economy has not worked for working people.
I am fighting to put more money in the pockets of working people. That’s why at the Budget we protected their payslips with no rise in their national insurance, income tax or VAT, boosted the national living wage by £1,400 and froze fuel duty. Since we arrived real wages have grown at their fastest in three years. That’s an extra £20 a week after inflation. But I know there is more to do. I want working people to be better off which is what our Plan for Change will deliver.
