UK inflation rose to its highest in eight months in November. Consumer prices rose by 2.6% in November year on year, up from an increase of 2.3% in October and well above September’s 1.7% rise (which had been the first time in nearly three-and-a-half years that inflation was under the BoE’s 2% target).

It was the biggest increase since March and while clothing wasn’t the biggest driver of inflation during the month (that was transport), it did have a significant impact.

The Office for National Statistics (ONS) said that “there were upward contributions to the change in the annual rate from non-energy industrial goods (particularly clothing and footwear goods)…” In fact, the category rose 0.6% month on month (it had fallen 0.3% this time last year) and rose 2% year on year (after an annual rise of 1% a year ago).​

But with December and January traditionally being months in which discounts are running riot, it’s likely that this situation won’t be repeated for the next two ONS reports.

The BoE is expected to keep interest rates on hold. It had predicted consumer price inflation of 2.4% in a forecast six weeks ago.

Inflation remains a closely watched number, despite the percentage increase is being well below the double digits reached in the wake of the pandemic in recent years. The numbers being released by the ONS are a key factor in whether interest rates are reduced more quickly than they have been of late.