UK inflation hits decade high ahead of central bank meeting

Consumer prices in the United Kingdom are rising at their highest rate in over a decade as a result of soaring energy costs and blockages in the supply chain

LONDON -- Consumer prices in the United Kingdom are rising at their highest rate in over a decade as a result of soaring energy costs and blockages in the supply chain, official figures showed Wednesday, a day before a highly anticipated interest rate decision from the Bank of England.

The Office for National Statistics found that inflation rose by 5.1% in the year to November, up dramatically from October's 4.2% with widespread surging prices across a raft of goods and services, including for fuel, energy, cars, clothing and food,

The increase was more than the 4.8% consensus of economists' forecasts and takes inflation to its highest level since September 2011. It is likely to ramp up pressure on the central bank to raise interest rates Thursday, with inflation running at more than double the bank's target of 2%.

Economists are split as to whether there will be a majority among the bank's nine-member Monetary Policy Committee to raise the benchmark rate from a record low of 0.1%.