The UK worth rise rate has gone up for the second month in a row, with prices rising at their fastest pace since March.

worth rise hit 2.6% in the year to November, according to official figures.

Fuel and clothing were among the main drivers behind the rise. Increasing ticket prices for gigs and plays were also a factor.

Analysts declare the latest figures cruel the financial institution of England will almost certainly not cut gain rates when it meets on Thursday.

“worth rise rose again this month as prices of motor fuel and clothing increased this year but fell a year ago,” said Grant Fitzner, chief economist at the Office for National Statistics (ONS), which gathered the data.

“This was partially offset by air fares, which traditionally dip at this period of year, but saw their largest drop in November since records began at the commence of the century.”

Chancellor Rachel Reeves said she recognised that families were still struggling with the expense of living.

“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.”

worth rise, while higher than earlier in the year, is well below its peak in late 2022.

It has fallen steadily over the history two years and undershot the financial institution of England’s 2% target in September, before rising again in October.

The official forecasting body said in October that worth rise was likely to pick up to 2.6% in 2025 in part due to the impact of monetary schedule measures announced in October.

Shadow chancellor Mel Stride said: “The chancellor has made a series of irresponsible and inflationary decisions.”

“These figures cruel higher costs in the shops, less money in working people’s pockets and risks keeping mortgage rates higher for longer,” he said.

Prices for food and non-alcoholic drinks, alcohol and tobacco, and footwear all rose at a faster pace last month.

A wider assess of worth rise showed housing and household services costs, including rent, rose by 3.5% over the history year.

Sarah Coles, head of financial planning at the monetary services firm, Hargreaves Lansdown, said: “worth rise is staying put for now, like an unwelcome Christmas event guest hogging the sofa into the tiny hours.

“The question is whether it can be shifted, or if it’s going to hang around to ruin our plans for months – eating us out of house and home and driving up the expense of everything again,” she said.

Businesses like Miller’s Fish and Chips, in Haxby, Yorkshire, are also feeling the pressure from rising prices.

“It’s been a tough year” said David Miller.

“We’ve taken a hit with our final profit because of fuel, obviously the utilities going up.”

“But I ponder the biggest thing overall for any business is wages,” he said.

Miller’s employs 60 people and tries to pay above the minimum wage.

Wage costs for businesses will rise again in April, after measures announced in October’s monetary schedule arrive into force.

The financial institution of England will have to weigh up competing arguments over whether to cut gain rates.

Recent figures display the economy shrank in September and October, and the usual response would be to lower gain rates.

That would ease the pressure on mortgage-holders and other borrowers, including businesses and should boost spending and resource.

However, rising prices, combined with figures on Tuesday that showed faster growth in wages, recommend rates may require to remain at their current 4.75% for longer, to keep worth rise in check.

Many economists now expect gain rates to fall more slowly next year than had been expected previously.

Paul Dales, chief UK economist at the ponder tank, capital Economics, said November’s higher worth rise figure made it very unlikely gain rates would be cut on Thursday.

“There is almost no chance of the financial institution of England delivering an early Christmas now with another gain rate cut tomorrow, ” he said.

“That’s especially the case since domestic worth rise pressures appear to be a touch stronger than the financial institution expected.”

capital Economics predicts worth rise will dip in December and then rise again in January, but by the complete of next year would have fallen back to close to the financial institution of England’s 2% target.

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