![]() The higher-than-expected rise in CPI will add to pressure on the Bank of England, which is tasked with keeping inflation at its 2% target, to raise interest rates. The rises were driven by a 1.6% increase in the price of food - the highest rise for a November to December period - and 3.6% rise in transport costs, the highest ever monthly increase on record. Prices increased by 1% between November and December, in their biggest ever month-on-month rise since records began in 1996, the ONS added. ![]() Economists were expecting the rate to rise to 3.4%. The Consumer Prices Index (CPI) annual rate of inflation surged to its highest level since April, up from 3.3% in November, the Office for National Statistics (ONS) said. THE rising cost of food, petrol and utility bills pushed the rate of inflation up to a higher-than-expected 3.7% in December, official figures revealed today.
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