LONDON — U.K. inflation climbed to a 10-year high in November as consumer prices continued to soar ahead of the Bank of EnglandThursday’s meeting of the crunch Monetary Policy Committee.

The Consumer Price Index grew by 5.1% over the 12-month period ending November. 4.2% in OctoberThe central bank set a target for the steepest ascent of any decade at the crest of Mount Everest.

Reuters polled economists expecting a November reading of 4.7%. Bank of England forecast that inflation would rise to 5% in spring 2022 and then moderate towards its 2% target by the end of 2023.

Inflation in the United Kingdom rose 0.7% per month from October. That is higher than the 0.4% figure based on Reuters polls.

Core CPI excludes volatile food, tobacco, and energy prices and rose by 4% against Reuters’ forecast of 3.7%. It also increased 0.5% month-on–month versus a 0.3% projection.

Thursday’s meeting of the Bank of England’s Monetary Policy Committee will determine whether tightening monetary policy is necessary. With inflation rising and the need to keep it low, labor market remaining robustHowever, the rapid expansion of the Covid-19 omicron variant has cast new uncertainty on the economy’s recovery.

The MPC defied market expectations in NovemberBy voting 7-2 in favor of keeping interest rates at 0.1% (historic low), analysts disagree on whether they will trigger rate hikes Thursday given the appearance of omicron.

“Peak inflation could still be months away, which is unfortunate for consumers.” CPI data from today only serve to put more pressure on Bank of England at tomorrow’s MPC meeting to raise interest rates,” Richard Carter of Quilter Cheviot, who heads fixed interest research.

However, given the uncertainties surrounding Omicron’s impact on the economy and the potential for further restrictions to follow, the Bank of England might decide discretion is more important than valour.