UK inflation rate hits four-year high of 2.8%

UK inflation jumped in November to its highest level in more than four years. In its recent inflation report the Bank of England said that the rate was likely to rise in the short term but fall back towards the 2.5 per cent target at the end of 2003.

The key indicator - the retail price index excluding mortgage interest payments (RPIX) - rose 0.2 per cent last month to stand 2.8 per cent higher over the year, the highest since June 1998, according to figures released by National Statistics. Th

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