Inflation across the UK hit its highest level seen since March, as surging petrol and clothing prices drove up costs in November.
The Office for National Statistics (ONS) said that its Consumer Price Index (CPI) rose to 2.6% in November up 0.3 percentage points from the previous months and the highest level seen since March of this year.
CPI inflation ticked up during the period for food, alchol, non-alcoholic drinks, clothing and footwear.
ONS chief economist Grant Fitzner said: “Inflation rose again this month as prices of motor fuel and clothing increased this year but fell a year ago.”
“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.”
BRC director of insight Kris Hamer said: “Retailers are doing their upmost to deliver an affordable Christmas for their customers in the face of global price pressures. For an industry that operates on low margins, £7 billion of increased costs from higher employer NI, National Living Wage, and new packaging levies, cannot simply be absorbed, despite retailers’ best efforts, and will inevitably lead to price rises, job losses, and more empty stores on our high streets.
“Retailers are watching the Government’s proposed changed to business rates closely, and it is essential that it leaves no store paying more in rates than before. By protecting shops, the government can support retailers as the invest in keeping shops open, and keeping prices down.”
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