United Kingdom inflation rose to 3.1 per cent in November, the highest in almost six years.According to the Office for National Statistics (ONS), airfares and computer games contributed to the increase.
The consumer price index net of food and energy prices rose 0.9 percent year-on-year following 0.8 percent in October.
The infrastructure group said its performance in 2017 remains in line with board expectations.
The rate of retail food inflation during November stood at 4.42 per cent on a year-on-year basis, against 1.90 per cent the previous month, amidst soaring food prices amid unseasonably heavy rains.
At its December 6 policy meeting, the RBI raised its inflation projection by 10 basis points to between 4.3 and 4.7 percent for the six months ending in March.
However, he expects the inflation rate to now fall and could reach 2.5% by Easter.
Upward pressure on CP came from competition in the airline industry as air fares fell by less than they did previous year, while there was also some price pressure in household services, recreation and culture, food and drink, as well as restaurants and hotels.
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The higher inflation rate is unlikely to push the Reserve Bank of India (RBI) to change its key rate any time soon.
The inflation data comes only a day before the release of the latest snapshot of Britain's labour market, which is expected to show average weekly earnings excluding bonuses only grew 2.2% year-on-year in October.
"It's quite possible that inflation is now close to its peak", said Lucy O'Carroll, chief economist at Aberdeen Standard Investments.
That, in turn, could prompt the Bank of England to raise interest rates again next year - not ideal for the economy when it is struggling with the uncertainties of Brexit and real household incomes are falling as price rises outstrip wage increases.
"That means that further interest rate rises are definitely not off the table".
"Too much inflation could threaten the Bank's credibility and therefore its grip on the economy", she says.
Oil prices climbed last month, and the effect was seen in factory input prices, which rose 1.8 per cent, the most in three months.