Inflation in The UK has risen for a second consecutive month in November, moving further away from The Bank of England's two percent target as last month saw a fairly significant rise compared to October.
Inflation in October had ticked up to 2.3% which had been the first increase in three months, but we have now seen Inflation climb further to 2.6%, mainly due to higher costs in Clothing, Petrol & Diesel when compared to the same time 12 months prior. Tobacco product prices also saw increases as a Tobacco Duty was announced in Octobers Budget.
Although we have The Bank of England's rate decision tomorrow, it is unlikely we see any changes to current rates with markets anticipating a pause on current interest rate levels. Moving into the New Year however, markets are seemingly pricing in an Interest Rate cut in February at 53% which is marginally up from 48% prior to this morning's release.
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