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UK Inflation Jumps More Than Expected to 41-Year High of 11.1%


(Bloomberg) — UK inflation rose more than expected to a 41-year high of 11.1%, adding to pressure on the Bank of England to raise interest rates again.

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The increase in the Consumer Prices Index was stronger than the 10.9% figure expected by the central bank or the 10.7% median that economists had forecast. The Office for National Statistics said Wednesday that food, fuel and energy prices drove the increase.

Inflation would have been 13.8% had the government not introduced an energy price guarantee that limited the increase in electricity and natural gas prices in October, the ONS said.

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