Inflation pressures edge up marginally in November

BANGALORE (Reuters) - Inflationary pressure edged up in November, data from the Economic Cycle Research Institute showed on Friday.

New York-based economic forecaster ECRI said its United Kingdom Future Inflation Gauge (UKFIG) rose to 103.5 in November from 103.4 in October after hitting a nine-month low in September.

“Despite a marginal uptick, the UKFIG remains close to September’s nine-month low. Thus, UK inflation pressures are still relatively subdued,” said Lakshman Achuthan at ECRI.

Inflation rose to a six-month high in November, extending a run of upside surprises with annual CPI rising to 3.3 percent from October’s 3.2 percent, marking the 11th consecutive month it has been at least a percentage point above the Bank of England’s 2 percent target.

Although economists expect inflation to average 3.0 percent this year, they do not expect the Bank to raise its key rate until at least October, Reuters polls show.

Reporting by Yati Himatsingka; Editing by Hugh Lawson