UK consumers are set to see their Christmas budgets squeezed as the rate of inflation hit a six-year high of 3.1 per cent in November. According to the Office for National Statistics (ONS), food prices have jumped 4.1 per cent on last year, while clothing and footwear have also risen three per cent. Despite many analysts predicting that inflation had peaked, separate ONS figures of producer prices, which measure the cost of fuel and raw materials, jumped 7.3 per cent year-on-year, up from 4.3 per cent in October.
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Inflation hits 3.1% squeezing budgets over Christmas