UK inflation likely to rise again as cigarette and petrol prices tick up

The Office for National Statistics will announce the latest monthly Consumer Prices Index reading on Wednesday.

The rate of price rises in the UK is likely to have increased last month, as a hike in tobacco duty and petrol costs drove inflation higher.

CPI is predicted to have risen to 2.6% in November, from 2.3% the previous month, according to a consensus of economists. At the end of October, the amount of tax paid on cigarettes and other tobacco products increased in line with inflation, which is likely to be a major driver of higher inflation last month.

He said: “Looking ahead, we continue to see more upward pressure building – particularly within the services basket as the rise in employer national insurance contributions , the change in employer NICs threshold, and hikes to the national living wage all start to push prices higher around the start of 2025.”

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