By Oviri Kelvin
In more than a decade, the highest level of inflation rate has been recorded in the United Kingdom, resulting in the disruption of the supply chain and record fuel prices have sent the cost of living to soar as presented by official data.
According to the rate of Consumer Prices Index (CPI), the Office for National Statistics (ONS) noted that inflation rose from 4.2 percent in October to 5.1 percent in November. This is the highest recorded since September 2011.
For more than ten years, this is the first time that CPI has breached 5 percent which sees inflation remain above double the Bank of England’s 2 percent target.
The extrapolated data revealed that the Retail Prices Index (RPI) measure of inflation rose to its highest level for more than three decades, thus hitting 7.1 percent last month, up from 6 percent in October.
Going by the data, the bank has been put under pressure ahead of its interest rate meeting on Thursday, with different policymakers presented with the opportunity to weigh up the need to rein in rampant inflation but also to support growth as the threat of the Omicron variant of coronavirus grows.
Reportedly, ONS in a bid to bring to public knowledge the towering high cost-of-living presently pelting the Britons, noted the surging prices across a raft of goods and services, including fuel, energy, cars, clothing, and food.
From the figures available, petrol prices leapfrogged to 145.8per litre last month, the is its highest ever rate. The cost of used cars also raced higher due to shortages of new motors as supply chain issues continue to affect the economy.
According to Grant Fitzner, chief economist at the ONS, “A wide range of price rises contributed to another steep rise in inflation, which now stands at its highest rate for over a decade.
“The price of fuel increased notably, pushing average petrol prices higher than we have seen before.
“Clothing costs – which increased after falling this time last year – along with price rises for food, second-hand cars and increased tobacco duty all helped drive up inflation this month,” he added.
