Inflation on the rise
INFLATION returned to positive territory in November, official figures reveal.
The consumer prices index (CPI) was 0.1% in November, the Office for National Statistics said. The rate was -0.1% in September and October.
The main factors driving the rise were movements in transport costs and alcohol and tobacco costs. They were offset by falling clothing prices.
ONS spokesman Philip Gooding said: “Although the prices of many items continue to fall, because they are falling at a slower rate than at the same time last year, the overall effect is the slight rise in headline CPI rate seen today. This is now the 10th month running that CPI has been at or very close to zero.”
Retail Price Index inflation, although no longer a favoured metric, is still used for many financial products, and rose by 0.4% to 1.1% in November.
Meanwhile house prices in England have picked up markedly rising by 7% in the year to October, driven strong growth in the East and South East (both nearly 10%). The rise means the average house price in England is now £300,000.
