The rise matches market expectations and comes as the Bank of England prepares for its upcoming decision on interest rates later this week.

Core inflation, which excludes volatile items such as food and energy, also increased to 3.5% from 3.3% in October. However, this was slightly below the anticipated figure of 3.6%. Services inflation, closely watched by the Bank of England for signs of domestic price pressures, remained steady at 5%, slightly below market expectations of 5.1%.

Earlier this year, falling inflation allowed the Bank of England’s Monetary Policy Committee (MPC) to lower interest rates in August and November. The headline rate dropped to 1.7% in September but has since been pushed higher by rising energy costs and persistent services inflation.

Despite the recent uptick, the Bank of England is widely expected to keep interest rates on hold at its meeting this week. Markets remain divided on whether a rate cut will come at the February meeting.

Michael Brown, senior research strategist at Pepperstone, highlighted the challenges ahead. “While risks to this base case are tilted towards a more dovish outcome, given increasing signs of overall economic momentum stalling, policymakers will be rapidly seeking convincing signs of disinflationary progress being made, as the economic cocktail facing UK Plc. increasingly becomes a stagflationary one,” he said.

The inflation figures follow Tuesday’s data showing stronger-than-expected wage growth. Average earnings, including bonuses, rose by 5.2%, exceeding the 4.6% forecast and October’s figure of 4.4%.

Chancellor to the Exchequer Rachel Reeves acknowledged the ongoing struggles faced by households. “I know families are still struggling with the cost of living and today’s figures are a reminder that for too long the economy has not worked for working people,” she said.

Reeves outlined recent measures aimed at supporting workers, including no increases to national insurance, income tax, or VAT, as well as boosting the national living wage by £1,400 and freezing fuel duty. “Since we arrived, real wages have grown at their fastest in three years. That’s an extra £20 a week after inflation. But I know there is more to do. I want working people to be better off, which is what our Plan for Change will deliver,” she added.

Inflation is expected to rise further in the coming year as the UK continues to take a more gradual approach to easing monetary policy compared to other developed central banks.

Black Market Dollar (USD) To Naira (NGN) Rate As Of December 18, 2024Wondering about the current Dollar to Naira exchange rate at the black market, also known as the parallel market? Here’s the latest update for December 17, 2024, along with the rates for buying and selling US dollars in the Nigerian black market.

How Much is a Dollar to Naira Today in the Black Market?

As of Tuesday, December 17, 2024, the exchange rate at the Lagos parallel market (Black Market) stands as follows:

•Buying Rate: N1665

•Selling Rate: N1675

These rates reflect what buyers and sellers are willing to trade US dollars for in the black market. However, please keep in mind that these rates are subject to change and can fluctuate based on supply and demand.

Dollar to Naira Black Market Rate – December 17, 2024

•Buying Rate: N1665

•Selling Rate: N1675

Dollar to Naira CBN Rate Today

The official Central Bank of Nigeria (CBN) rates differ from those in the black market. For today, the CBN exchange rate for the Dollar to Naira is:

•Highest Rate: N1555

•Lowest Rate: N1520

It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the black market exchange rate. The CBN encourages individuals to conduct their foreign exchange transactions through approved channels, such as commercial banks and licensed Bureau De Change (BDC) operators.

Please be aware that the exchange rates for buying or selling foreign currency may differ from the values listed here, as they can vary throughout the day. Always confirm rates with your local dealers before making any transactions.

The exchange rate for the Dollar to Naira in the black market (parallel market), also known as the “Aboki FX” rate, is as follows for 15th December 2024:

•Buying Rate: ₦1,660

•Selling Rate: ₦1,670

This rate reflects the price at which traders in the Lagos parallel market (black market) are buying and selling dollars, as reported by sources at Bureau De Change (BDC).

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and encourages individuals to conduct foreign exchange transactions through authorized banks.

Central Bank of Nigeria (CBN) Rate for Dollar to Naira

•Highest Rate: ₦1,549

•Lowest Rate: ₦1,520

The rates you receive may vary slightly from those mentioned here, as forex prices fluctuate based on market conditions.

CBN Takes Tough Action on New Naira Notes

In another development, the Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on commercial banks found guilty of supplying newly minted naira notes to currency hawkers. This move is part of the CBN’s ongoing efforts to prevent the illegal trade of naira notes and ensure proper circulation to the public.

The penalty comes as the CBN reaffirmed the continued validity of the old ₦1,000, ₦500, and ₦200 notes following a Supreme Court ruling on November 29, 2023. The CBN also warned against the hoarding of cash, which disrupts the smooth flow of money in the economy.