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UK inflation increases to two-year high

Staff Writer |
UK inflation increased more sharply than expected in November to the highest level in over two years, according to official data.

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The Office for National Statistics said consumer price inflation rose to 1.2% in the year to November, following a surprise fall to 0.9% in October from 1% in September.

This was just above the consensus forecast among economists of 1.1% and the highest rate of CPI since October 2014.

Month-on-month, CPI rose 0.2% in November, as expected, after a 0.1% rise the month before.

Core inflation, which excludes more volatile goods like fuel and food, rose back up to 1.4% in November after dipping to 1.2% in October from 1.5% in September.

Rises in the prices of clothing after softness in October, certain IT equipment boosted by sterling's drop, furniture, fuel and food were the main contributors to the increase in the rate, only partly offset by falls in air and sea fares.

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