UK CPI rises to 3.1% y-o-y in Nov., beats expectations

The UK Office for National Statistics (ONS) revealed on Tuesday that consumer prices unexpectedly rose during November, with the headline CPI ticking higher to 3.1% y-o-y.

The print was slight above consensus estimates, pointing to a reading of 3.0%, and remained far from showing any signs of a deceleration in inflationary pressures. 

On monthly basis, the UK inflation also edged higher by 0.3% as compared to a 0.1% rise reported in the previous month and slightly above 0.2% expected. 

Meanwhile, the core inflation gauge matched consensus estimates and stood at 2.7% y-o-y in November.