UK inflation reaches two-year high

Fuelled by rising oil price

UK inflation rose to 1.2% in November, a two-year high, following a surprise fall in October, according to the Office for National Statistics.

The figure is a rise following the unexpected fall in October to 0.9% which was due to lower clothing prices and university tuition fees which drove down the overall figure, despite uplifts from higher petrol prices. November's figure is the highest level since October 2014 when the Consumer Price Index (CPI) was 1.3%.  Last month's figures saw upward pressures in clothing and motor fuel prices, although these were offset by falls in air and sea fares. Prices of clothing and footwear increased by 1.6% during the month, the largest monthly move since 2010, while petrol prices rose b...