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Inflation close to Bank target

The Consumer Price Index rose to 1.9 per cent in November as it closes in on the Monetary Policy Committee’s target of 2 per cent.

According to the Office of National Statistics, CPI rose to 1.9 per cent, up from 1.5 per cent in October.

In the year to November, the Retail Price Index rocketed to 0.3 per cent, up from a fall of 0.8 per cent in October. The ONS says the last time there was an increase in the annual inflation rate greater than 1.1 per cent was between March and April 1990.

The ONS says rises in oil prices pushed up inflation, as oils and lubricants rose 2.8 per cent over the month, compared to a fall of 8.3 per cent a year ago.


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