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Sanlam UK head of portfolio management Charlie Parker says each client experiences individual rates of inflation and the price of luxury goods has risen far more in recent years than mainstream products.

The retail inflation has touched 15 months high at 4 point 88 per cent in the month of November, 2017 which was at 3 point 85 per cent in October, 2017.

"When Mark Carney pens his letter to the chancellor he'll have a ready answer as to why inflation is so high - we're still seeing the effect of the weaker pound filtering through to prices", said Ben Brettell, senior economist at Hargreaves Lansdown.

For RPI, one additional uncertainty is the extent to which the November Bank Rate hike will push up on inflation as a result of higher mortgage interest payments. That's up from 3 per cent in October and the highest since March 2012.

The CPI-based retail inflation jumped to 4.88 per cent in November on annual basis, as compared to 3.58 per cent in the preceding month.

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Consumer price inflation for the rural areas stood at 4.7 per cent in November against 3.36 per cent in October and 4.1 per cent in November 2016.

The rise from 3% in October was impacted mainly by transport, where prices rose by 0.1% between October and November, lifted by airfares. The Bank of England has a tricky tightrope to walk. The IIP had expanded by 4.2 per cent in October past year.

Lucy O'Carroll, chief economist at Aberdeen Standard Investments, said: "It's quite possible that inflation is now close to its peak".

"Price developments will be decisive in determining whether and if so how soon the Bank of England will hike interest rates again", Commerzbank wrote in a morning note. "It is also likely that inflation will remain above 4 percent y/y until February 2018", added ANZ. At its fifth bi-monthly monetary policy review of the fiscal earlier the month, the RBI kept its key lending rate unchanged at 6 per cent for the third time in a row, citing concerns over the rising trajectory of inflation.

"Too much inflation could threaten the Bank's credibility and therefore its grip on the economy", she says.


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