Inflation has risen for the second month in a row to 2.6% in November.
Today’s percentage is above the Bank of England’s 2% target and marks an increase from October, when inflation climbed to 2.3% after three months of decline.
While the 2.6% figure was expected by economists, it is above the 2.4% rate the Bank had predicted.
This is due to the higher cost of clothing, petrol and diesel, compared to last year, the ONS said.
But how does all of this affect the cost of groceries, clothing and leisure activities? Use our calculator to find out.
Which prices are increasing fastest?
Olive oil was the item with the largest price increase, with prices for 500ml to one litre rising from £7.22 to £9.21, an increase of 28%.
Olive oil has consistently had high price increases and experts have put that price rise down primarily to poor olive yields due to last year’s heatwaves in southern Europe.
However, they expect a significantly better harvest in the 2024-25 season, thanks to significant rainfall in Spain. The harvest could be double the size of last year’s, which may lead to lower prices in the coming months.
With Christmas fast approaching, many festive staples are seeing price increases, with carrots and potatoes up by nearly a fifth. On the drinks front, a 70cl bottle of cream liqueur has risen by 4%, but there’s good news for Champagne lovers with a bottle now costing 0.5% less.
Food and drink products are responsible for seven of the 10 biggest increases since last year.
Of non-food items, hair gel increased the most, by a fifth from £3.33 to £4.11.
Top five price rises:
• Olive oil (500ml-1litre): up 28%, £7.22 to £9.21
• Iceberg lettuce (each): up 24%, 80p to 99p
• Hair gel (150-200ml): up 23%, £3.33 to £4.11
• Hand rolling tobacco pack (30g): up 22%, £20.46 to £24.97
• Plums (per kg): up 20%, £2.91 to £3.48
Overall, 50 of the 156 types of food and drink tracked by the ONS have actually become cheaper since last year.
Crumpet lovers have…
