LONDON, Dec. 13 (Xinhua) -- UK consumer price inflation rose to its highest mark in more than two years, according to figures released on Tuesday, as the effects of a sharp depreciation in sterling following the Brexit vote begin to be felt in prices.
The CPI rate rose from 0.9 percent in October to 1.2 percent in November, slightly more than experts expected and reversing the fall of 0.1 percentage points seen from September to October, according to figures from the Office of National Statistics (ONS).
Weak sterling is a key reason behind this sudden spike in inflation.
The Brexit referendum vote on June 23 led to an immediate and sharp fall in sterling on foreign exchange markets, reflected in the collapse of the pound against the dollar from 1.48 U.S. dollars to the pound on the night of the vote to 1.27 U.S. dollars now.
The pound has reached a low point, very briefly, 1.18 U.S. dollars since June 24.
The weakness of sterling has a double-edged effect -- making exports cheaper but also making imports more expensive.
With many commodities priced in the U.S. dollars, the increased costs for UK manufacturers and retailers is now feeding through.
"While it will take time before we see the full effects of sterling's fall on consumer prices, components that usually respond more quickly to exchange rate movements, such as petrol and food prices, were a major upward influence in November," said Ruth Gregory, UK economist with Capital Economics, a financial market analysis firm.
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