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DATE: Dec. 12, 2017, 2:42 p.m.

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  1. The most recent data shows that average weekly wages are growing at just 2.2%.
  2. Mark Carney, the governor of the Bank of England, will now have to write a letter to Chancellor Philip Hammond explaining how the Bank intends to bring inflation back to its 2% target.
  3. Mr Carney has to write a letter to the chancellor if the Consumer Prices Index (CPI) inflation rate is above 3% or below 1%.
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  48. Mr Carney had said that he expected inflation to peak in October or November.
  49. The last time he wrote to the chancellor was in December 2016, after inflation fell to 0.9% in October that year.
  50. Figures from market researcher Kantar Worldpanel released on Tuesday indicated that food inflation hit 3.6% in the three months to 3 December, the highest rate since 2013.
  51. It also noted that prices for butter and fish had grown as well an increase in the cost of fresh pork. Kantar said only a few items were cheaper during the period, such as fresh chicken and crisps.

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