UK inflation has spiked to a decade-high, surging to 5.1 percent in November this year, according to data released on Wednesday ahead of a Bank of England interest rate decision the following day.

According to the Office for National Statistics (ONS), the annual rate surged from October's 4.2 percent to the highest level recorded since September 2011, with the rise of inflation being driven in part by surging fuel costs.

Other contributing factors were rising prices for clothes, food, tobacco and second-hand cars.

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"A wide range of price rises contributed to another steep rise in inflation, which now stands at its highest rate for over a decade," said ONS Chief Economist Grant Fitzner.

Generally central banks, including the Bank of England (BoE), agree the ideal inflation target should be close to but below 2 percent.

Soaring inflation has also been driven this year by the COVID-19 pandemic, which has impacted companies and business now struggling to meet demand.

The International Monetary Fund has urged the BoE to raise interest rates in response to growing inflation, warning that this might rise to 5.5 percent by early next year.

But analysts expects the BoE to hold its key interest rate at 0.1 percent due to uncertainty surrounding the Omicron variant of the coronavirus.