The UK's annual inflation rate increased for the second consecutive month, reaching 2.6% in November 2024, up from 2.3% in October, aligning with market expectations.
UK inflation accelerates again in November
This marks the highest rate in eight months, driven by accelerated price growth in recreation and culture (3.6% compared to 3% in October), notably for admission fees to live music events, theaters, and computer games; housing and utilities (3% versus 2.9%), particularly rents; and food and non-alcoholic beverages (2% compared to 1.9%).
Transport prices also fell less sharply (-0.9% compared to -1.9%), as increases in motor fuel and second-hand car prices partially offset decreases in airfares. Meanwhile, services inflation remained steady at 5%.
Monthly figures
On a monthly basis, the Consumer Price Index (CPI) edged up 0.1%, a slower rise compared to the 0.6% recorded in October, and in line with forecasts.
Core CPI, which excludes volatile items, rose 3.5% year-on-year, up from 3.3% in October but slightly below the expected 3.6%. On a monthly basis, core prices remained flat.
