United Kingdom inflation rises to highest level since March 2012

Inflation rockets to five-year high

United Kingdom shares were little changed with a positive bias on Tuesday after data showed inflation rose an annual 3.1 percent in November, the highest rate in more than 5 1/2 years and up from 3 percent in October, forcing Bank of England governor Mark Carney to explain why inflation is so far above target.

While CPI inflation was higher than the consensus forecast and the Monetary Policy Committee's expectation in November, it has probably now peaked, Paul Hollingsworth, an economist at Capital Economics, said.

On a month-on-month basis, the core CPI edged up 0.1 percent in November after rising 0.3 percent in October.

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Mark Carney, the governor of the Bank of England, will now have to write a letter to Chancellor Philip Hammond explaining how the Bank intends to bring inflation back to its 2 per cent target.

Inflation rose to 3.1% in November, the highest in almost six years, as the squeeze on households continued.

In November, the Bank of England raised the interest rate for the first time in more than a decade from 0.25 per cent to 0.5 per cent. The more recent reduction in GST rates for many goods and services might mitigate upside pressure on inflation in the months ahead.

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Parker says a portfolio would typically need to hold 60 per cent in risky assets like shares to beat inflation by 3 per cent and this would rise to 100 per cent for investors seeking to outperform by 5 per cent.

Consumer durable goods output contracted by 6.9 percent in October as against a growth of 1.5 percent in the previous year.

The central bank took advantage of an extraordinary period of low inflation, including a slump in food and energy prices, to cut rates by a total of 200 basis points from January 2015 until August this year, when it last cut the repo rate by 25 basis points. Meanwhile, fuel inflation quickened to 7.92 per cent from 6.36 per cent, driven by rise in global prices of crude oil.

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It was 3.63 per cent in November 2016. The headline inflation outcomes have evolved broadly in line with projections.

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