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.

Inflation shows how the price of goods and services has changed over time, with the Consumer Price Index (CPI) being the primary measure