UK inflation soars to 10-year high of 5.1%; Federal Reserve speeds up tapering – as it happened

Rolling coverage of the latest economic and financial news

• Latest: Fed to wrap up asset purchases by March
• FTSE 100 falls amid Omicron worries
• Full story: UK inflation jumps to 10-year high as petrol prices soar
• In detail: how prices have risen across economy
• Breaking: UK inflation hit 5.1% last month
• Prices rising faster than wages; factory gate prices surge nearly 10%

The cost of goods jumped by 6.5% per year in November, driven by rising demand and supply chain problems following the pandemic.

Services inflation was more muted, up 3.3%.

Goods inflation is running at the highest level in 30 years, fuelled by pandemic-related dislocations between supply and demand. But price rises for services are at much lower rates, pointing to more muted domestically-generated inflation.

Just as happened during the UK's last inflationary surge, in 2011, earnings lag behind inflation. Today's bout of inflation is more likely to play out as another squeeze on incomes than a runaway wage-price spiral."

These figures are a stark illustration of the cost of living crisis facing families this Christmas.

From the energy price cap going up, soaring food costs and fuel prices hitting another record high - the list of price crunches as inflation continues to rise goes on and on.