British inflation hits six-year high, triggers Carney letter to Hammond
London — British inflation has hit its highest level in almost six years, official data showed Tuesday, forcing Bank of England governor Mark Carney to explain the rise in an exceptional letter. The consumer price index 12-month rate climbed to 3.1% in November, from 3% in October, the Office for National Statistics (ONS) said on Tuesday. Analysts’ consensus forecast had been for no change to the CPI reading. Carney is legally required to send an explanatory letter to British Chancellor of the Exchequer Philip Hammond, explaining why inflation overshot the Bank of England’s 2% target rate by more than a percentage point. The headline measure for November was spurred on by the high price of airfares, recreational goods, and the rising cost of food and non-alcoholic drinks, the ONS said. AFP
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