The hike marks a sharp increase from the 1.7% rise recorded in September and exceeds the 2.2% forecast of economists polled by Reuters.

The bigger than expected inflation rate rise in November – up from 1.7 per cent to 2.3 per cent – has killed hopes of a Bank of England cut in the base rate in December, according to finance experts.

The Bank of England seeks to control inflation – the speed at which the cost of goods and services are rising – by raising and lowering the cost of borrowing via its base inte