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U.K. CPI unchanged at 2.7% in November

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Investing.com - Investing.com - Consumer price inflation in the U.K. accelerated in line with expectations in November, official data showed on Tuesday.

In a report, the U.K. Office for National Statistics said the rate of consumer price inflation held steady at a seasonally adjusted 2.7% in November, unchanged from October.

Analysts had expected U.K. CPI to ease down to 2.6% in November.

Month-over-month, consumer price inflation rose 0.2%, in line with expectations, after rising 0.5% in October.

The rate of inflation remains above the Bank of England's 2.0% target, but the Bank of England will not be obliged to write to the Chancellor of the Exchequer, as the inflation rate is less than a percentage point above or below its target.

Core CPI, which excludes food, energy, alcohol, and tobacco costs held steady at a seasonally adjusted 2.6% in November, unchanged from October and confounding expectations for a slight increase to 2.7%.

The retail price index rose 3% last month, compared to expectations for a 3.2% increase, after rising 3.2% November.

Following the release of that data, the pound was higher against the U.S. dollar, with GBP/USD adding 0.12% to trade at 1.6223.

Meanwhile, European stock markets remained broadly higher. London's FTSE 100 rose 0.35%, the EURO STOXX 50 gained 0.55%, France's CAC 40 added 0.25%, while Germany's DAX advanced 0.6%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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