Consumer prices rose by 0.8% m/m in November, taking the annual CPI inflation rate up to a near 40-year high of 6.8% but, with energy prices falling sharply in recent weeks, last month probably marked the peak. The same is not true for core consumer price inflation, however, which accelerated to 4.9% last month and will peak at around 5.5% sometime in the first quarter of next year.
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