U.K. inflation surged to its highest level in more than a decade in November, exceeding 5% months before the Bank of England had expected. Increases in the price of clothing, auto fuel and second-hand cars drove consumer prices up 5.1% from a year earlier, according to data released on Wednesday. Core inflation, which strips out energy and other volatile items, climbed to 4%, the highest since 1992. The overall rate of inflation was up from 4.2% in October. It has increased by 3.1 percentage points in the space of just four months, the fastest gain on record. Without the threat posed by the omicron variant, the figures, as well as data pointing to a strengthening labor market , may have been enough for the BOE to raise interest rates on Thursday. But […]