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Inflation rises slightly to 3.1% in November

(c) Sky News 2017: <a href="http://news.sky.com/story/inflation-rises-slightly-to-31-in-november-11167536">Inflation rises slightly to 3.1% in November</a>
 

The rate of inflation rose slightly to 3.1% in November, from 3% in October, led by a hike in air fares.

It means the Consumer Price Index measure of inflation (CPI) remains above the Bank of England's inflation target of 2% - but it defied economists expectations that it would remain static.

CPI measures the growth in price of every day items including fuel, food, clothing and household goods.

Inflation has been accelerating largely thanks to the collapse in the pound following the Brexit vote, which makes imported goods more expensive.

The ONS said the main upward pressure last month came from transport costs, where prices rose by 0.1% between October and November this year, compared with a fall of 0.3% between the same two months a year ago.

This was largely down to air fares, which fell more slowly by 10.4% this year compared to a larger 13.4% drop a year ago.

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