Kate is a political correspondent at HuffPost UK. She has worked in the national news since she became a qualified journalist and was previously a reporter with Express.co.uk
) has found that the Consumer Price Index, which measures the average change in prices over the last 12 months, crept up from 2.3% in October to 2.6% last month.The Bank tries to keep inflation at that level because that is meant to help the economy grow at a steady rate while stopping consumers from being priced out of necessities.
The Bank’s interest rate is at 4.75% at the moment, and there had been hopes that it would fall considerably over the next 12 months.According to the ONS, the biggest reason behind the rise in inflation was fuel and clothing.However, it’s worth remembering that the rise to 2.6% was still in line with economists’ forecasts and a long way off the height of the cost of living crisis in October 2022, when it reached a peak of 11.1%.
“This was partially offset by air fares, which traditionally dip at this time of year, but saw their largest drop in November since records began at the start of the century.”Reeves commented: “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.
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