Inflation continues to soar in UK

Inflation continued to rise in the U.K. during November, remaining above Bank of England's (BoE) target for the ninth month, spurred by a hike in food and non-alcoholic drink prices, the Office for National Statistics reported on Tuesday.

Consumer price index inflation rose to 3.3 percent in November, up from 3.2 percent in October, and stubbornly remained over the 2 percent target set by the Bank of England.

The BoE chose to maintain its interest rates as well as asset purchase program, as it struggles with soaring inflation rates.

Prices for food and non-alcoholic drinks rose 1.6 percent from October to November, mainly due to bread, cereals and meat, the report said.

Meat prices saw the steepest hike in 5 years, as rising feed costs led to higher costs of production.

The National Farmers Union called for higher poultry prices last week to keep up with the increasing costs, indicating that meat prices could rise further during the month.

Wheat and corn prices have been rising over the past few months on speculation that the U.S. government could pass a tax credit for corn-based ethanol production, putting pressure on poultry farmers.

Clothing and footwear prices also rose during November by 2 percent.

However, air transport fell 6.4 percent from October, mainly due to European routes, while fuel prices also fell by 1.6 percent during November, the report said.

The cost of living index, RPI, rose to 4.7 percent annually in November.