Their monthly Consumer Prices Index shows that inflation rose to 1.2% in November compared to a 0.9% rise in October, largely due to the highest increase in clothing prices for six years.
Although this higher rate is not expected to impact too heavily on spending around the festive period, it is believed it may do in the coming months following the fall in value of sterling.
The Share Centre, investment research analyst, Graham Spooner, said: “What is most important is that UK consumers, especially just ahead of the biggest and most crucial spending period of the year, are unlikely to feel restricted in their spending.
“However, on reflection for the year ahead, rising inflation may start to effect spending patterns.
“This latest piece of data confirms the widely held expectation that the weaker pound is having a notable impact, and so it remains likely that consumer inflation will continue to rise over the next few months.”
Additional rises in the prices of motor fuels, footwear, furniture, and data processing equipment, were the other main contributors to the increased inflation rate.
The largest downward pull on inflation in November, and for 2016 to date, comes from prices for food and non-alcoholic beverages, while all prices in broad categories rose.
Consumer inflation rate for the last 10 years: