The hike marks a sharp increase from the 1.7% rise recorded in September and exceeds the 2.2% forecast of economists polled by Reuters.

The bigger than expected inflation rate rise in November – up from 1.7 per cent to 2.3 per cent – has killed hopes of a Bank of England cut in the base rate in December, according to finance experts.

Inflation has rebounded back above the Bank of England ’s 2 per cent target, driving up the cost of living at an accelerated rate. Having hit a 41-year high of 11.1 per cent in 2022, consumer price inflation ( CPI) had dropped to a three year low of 1.7 per cent in September.