Henry Nicholls | Afp | Getty Images
Economists polled by Reuters had expected inflation to stand at 3.5% in the twelve months to November, down from 3.6% in October.
Core inflation, excluding energy, food, alcohol, and tobacco, also rose by 3.2% in the year to November, down from 3.4% in October, according to the latest figures from the Office for National Statistics.
The data, coming after a print on Tuesday showing the U.K. unemployment rate rose 5.1%, is likely to encourage the Bank of England’s nine-member monetary policy committee (MPC) to cut the benchmark interest rate by 25 basis points to 3.75% when it meets on Thursday.
Economists expect a 5-4 vote by the central bank’s MPC, however, with BOE Governor Andrew Bailey expected to be the swing vote in favor of a trim.
Growth in the U.K. remains stubbornly low, with the economy eking out only a 0.1% expansion in the third quarter, according to the most recent data.
This is a breaking news story, please check for further updates.
Leave a Reply