December 16, 2021
1 min read

UK inflation hits decade high

The largest contributions to the inflation rate came from transport, principally from motor fuels and second-hand cars, and housing and household services…reports Asian Lite News

 The UK’s Consumer Prices Index (CPI) 12-month rate soared to 5.1 per cent in November, hitting the highest level since September 2011, the Office for National Statistics (ONS) said.

The reading in November was up from 4.2 per cent in October, far above the 2 per cent target for inflations set by the Bank of England, Britain’s central bank, reports Xinhua news agency.

Meanwhile, the CPI including owner occupiers’ housing costs (CPIH) 12-month inflation rate rose by 4.6 per cent in November, up from 3.8 per cent in the 12 months to October, said the ONS.

The largest upward contributions to the inflation rate came from transport, principally from motor fuels and second-hand cars, and housing and household services, added the ONS.

Amid surging inflation and rising Omicron cases, market analysts have kept their eyes on if the Bank of England will raise interest rates soon.

The Bank of England has made two emergency cuts of base rate from 0.75 per cent to 0.1 per cent to support businesses and households since the COVID-19 pandemic began.

Pic credits IANS

Prime Minister Boris Johnson met his cabinet virtually on Tuesday morning and told his top team that “a huge spike of Omicron” is coming.

England’s Chief Medical Officer Chris Whitty updated the cabinet on the latest evidence on the Omicron variant, confirming that the doubling time still appeared to be around two to three days.

Whitty also said that a “significant increase in hospitalizations” from Omicron is expected, according to Sky News.

ALSO READ: S.African govt welcomes removal of travel curbs by UK

ALSO READ: UK, India natural partners, says PM

Previous Story

Stalin looks to team up Tamil diaspora for TN Dollar goal

Next Story

Eminent authors and translators honoured with KLF awards

Latest from -Top News

Modi may attend Russia’s V-Day celebrations

Defence Minister Rajnath Singh is likely to represent India at Russia’s Victory Day parade next month that will mark the 80th anniversary of the Soviet victory over Germany in the Second World

Murmu Strengthens EU Outreach in Slovakia

President Droupadi Murmu and President Peter Pellegrini reviewed the full spectrum of India–Slovakia relations and reaffirmed their commitment to expanding cooperation across multiple sectors President Droupadi Murmu held a productive meeting with
Go toTop

Don't Miss

UK govt to make it easier to repeal or amend law copied from EU

The new legislation will ensure that changes can be made

Britain reports first case of new Covid virus variant

Who further stated that it needed more data to understand