bank of england

Inflation rose to its highest level in nearly six years in November, with the key figure continuing to remain well above wage growth.

Inflation hit 3.1 percent last month, well above the Bank of England’s 2 percent target. It also means the price of products is growing far faster than wage growth which remains at just 2.2 percent.

Bank of England governor Mark Carney will now need to write a letter to Chancellor Philip Hammond to explain why inflation is so high, and what plans he will put in place to bring the figure down. This happens every time inflation falls below 1 percent or rises above 3 percent.

According to the Office for National Statistics, airfares and computer games were the largest contributors to the increase.