Rolling coverage of the latest economic and financial news
- Latest: Consumer price inflation sticks at 1.5%
- Chocolate pushed food prices up, says ONS
- But hotel and tobacco inflation fell
- House price inflation hits seven-year low
- Introduction: Brexit fears are hurting the pound
- Sterling hits two-week low vs euro
- Threat of hard Brexit in December 2020 looms
Inflation is rising particularly briskly in the North of England, according to think tank NIESR.
NIESR (the National Institute of Economic and Social Research) has calculated that ‘underlying inflation’ rose by 1% across the UK (this measure excludes ‘extreme price movements’).
“Headline CPI inflation remained unchanged at 1.5 per cent in the year to November 2019.
Our analysis of approximately 130,000 goods and services included in the basket, indicates that higher inflation related to food and non-alcoholic beverages and recreation and culture was offset by lower inflation in alcoholic beverages and tobacco, clothing and footwear, and restaurants and hotels.
A quick dig into November’s inflation report shows that the price of some types of food have risen sharply.
Chocolate, for example, is 4.3% more expensive than a year ago.