British 12-month inflation soars to 3.7 percent: data

18th January 2011, Comments 0 comments

British 12-month inflation soared to 3.7 percent in December from 3.3 percent in November, official data showed on Tuesday.

Analysts had forecast a year-on-year rise to 3.4 percent, according to Dow Jones Newswires.

The latest annual reading was meanwhile far above the Bank of England's target rate of 2.0 percent.

The Office for National Statistics added that Consumer Price Index (CPI) inflation jumped by 1.0 percent in December from November on a month-on-month basis. Analysts had predicted a rise of 0.7 percent.

© 2011 AFP

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