Commenting on the figures, Danske Bank Economist Conor Lambe said:
“CPI inflation in the UK increased from 3.0 per cent in October to 3.1 per cent in November. This is the highest inflation rate since March 2012.
“Over the past twelve months, inflation has increased sharply – in November 2016, it stood at 1.2 per cent. This rise has taken its toll on consumers this year as wage increases have not kept pace with the rate of price rises.
“Looking forward, inflation is not expected to rise too much higher than its current rate. But with the rate of price growth still above the rate of wage growth, the consumer squeeze is likely to continue holding back economic growth in Northern Ireland and the rest of the UK as we move into the new year.”
This comment was published in response to the November 2017 UK inflation data published by the ONS on 12th December 2017.