United Kingdom Inflation November 2017

United Kingdom

United Kingdom: Inflation breaks through the 3.0% barrier in November

December 12, 2017

Consumer prices rose 0.3% in November over the previous month, up from October’s 0.1% uptick and slightly overshooting analysts’ expectations of a 0.2% increase. November’s figure was largely driven by higher prices for food and non-alcoholic beverages, clothing and footwear, and recreation and culture.

Inflation in November ticked up to 3.1% from October’s 3.0%, overshooting analysts’ expectations. This was largely a result of a slower fall in airfare prices compared to the same month last year. November’s result marks the first time inflation has pierced the 3.0% barrier since March 2012, and means Bank of England Governor Mark Carney will be obliged to write a letter to the chancellor explaining the deviation from the 2.0% target. Annual average inflation increased from 2.4% in October to 2.6% in November.

UK Inflation Forecast

The Bank of England sees inflation reaching 2.4% in Q4 2018 and 2.2% in Q4 2019. FocusEconomics Consensus Forecast panelists expected inflation to average 2.5% in 2018 and 2.2% in 2019, as the impact of the depreciation of the currency gradually ebbs.

Author:, Economist

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United Kingdom Inflation Chart

UnitedKingdom Inflation November 2017

Note: Annual and monthly variation of consumer price index in %.
Source: Office for National Statistics (ONS) and FocusEconomics calculations.

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