Sean Fletcher briefly interrupted Good Morning Britain this morning to announce some breaking news. As he passed over to Richard Gaisford, it was revealed that inflation had risen to 2.6 percent in November.
Kate Garraway and Richard Madeley hosted this morning, delivering the latest news from across the country. Whilst Laura Tobin presented the UK's weather forecast for the coming days.
Sean interrupted the show to announce: "Good morning, breaking news for you. Official figures published in the last few minutes show the cost of living is continuing to rise. Inflation went up to 2.6% in the November."
He then passed to Richard, who added: "So for two months in a row now, inflation has risen above the Bank of England's target of two percent. We’re told that clothing and fuel have contributed to this inflationary increase."
Earlier in the show, Richard talked about the proposed inflation increase, reports the Mirror.
Richard continued, as he presented from a shop in Croydon, London: "It's a really tough time for smaller businesses and at this shop, feeling forced to put their prices up. Interestingly, these Christmas trees are about to go out to the front of the shop. Last year, they were £25 I am told - this year they are £50. Quite the rise.
"Ben, who owns and runs this place - it's not just that. Confectionery has also shot up in price."
Ben then shared that the sweets used to be £1 but they had gone up by 35p early this year, before shooting up again to £1.50.
Richard then mentioned that it wasn’t just supplier prices he had to adjust for, but also rising costs in other areas.
Ben, the owner of Freshfields Market, commented: "Yeah - there's the rising energy costs and the rise in National Insurance has led to us stockpiling stuff, reducing staff and reducing hours just to remain competitive. It's really tough."
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Reflecting on the past few months and years, Richard explained that inflation had decreased from 11.1% and dropped to 2.3% in October of this year.
He said: "It's worth remembering when you look at the chart, the prices haven't fallen. It's just a fall in the rate that things have been going up. Inflation still has a grip. There were some figures out yesterday to show that wage growth outstripped inflation by three per cent at the moment and the big question is whether businesses are passing that on to consumers.
"We're going to get those rises in National Insurance and minimum wage and all of that is likely to feed into inflation. It's likely to mean that when the Bank of England meets tomorrow to decide on interest rates, they will not be putting them down."
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