U.K. inflation surged more than expected to its highest level in more than a decade in November, adding pressure on the Bank of England (BOE) to raise interest rates. Consumer prices rose 5.1 percent from a year earlier, the most since September 2011, boosted by the cost of clothing, auto fuel and second hand cars. The rate of inflation was up from 4.2 percent in October. It has increased by 3.1 percentage points in the space of just four months, the fastest gain on record. The reading will present a challenge for BOE policymakers, who are also weighing the risks of the Omicron variant of the coronavirus to the economy. The BOE had been widely expected to raise borrowing costs today, but the emergence of the new strain has led to speculation a move will now be delayed until the new year. (SD-Agencies) | 