UK consumer price inflation rose at an annual rate of 2.7 per cent (124.4) in November 2012, unchanged from October, according to the latest data from the Office for National Statistics (ONS).

That was in-line with consensus estimates.

Although unchanged overall, at a more detailed level there were significant upward and downward pressures on CPI annual inflation between October and November.

The data comes ahead of an expected rise next month as the impact on prices for regulated energy prices kicks in and as the Bank of England - somewhat controversially - has begun a debate on the possible merits of revising its mandate. Some observers apparently fear that could let the 'inflation genie' out of the bottle so to speak.

Versus the previous month the CPI increased by 0.2%.

CPI report by the numbers

The largest upward pressures to annual inflation came from food & non-alcoholic beverages (principally bread & cereals and vegetables) - which rose by 1.1% - and housing & household services (particularly domestic gas and electricity).

The largest downward pressures came from motor fuels and furniture, household equipment & maintenance (-0.1%). Petrol prices fell by 3.0 pence per litre on the month to stand at £1.35 per litre while diesel prices fell by 1.5 pence per litre to reach £1.42 per litre

Excluding energy, food, alcoholic beverages and tobacco - the so-called 'core' rate - prices gained by 0.1% month-on-month (2.6 year-on-year).

The retail prices index (RPI) retreated to stand lower at a 3.0% year-on-year rate of change, down from 3.2% in October (Consensus: 3.2%).

The largest downward pressures behind the change in the RPI rate came from motoring expenditure, housing and household goods. Those were partially offset by upward pressure from food.



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