Enero 26, 2021

Price rises continue to hit families

16 Agosto 2017, 02:50 | Azura Castelo

Brits’ Living Standards Falling

Since October 2015 inflation has surged from-0.1% and in May hit a five-year high of 2.9

Since October 2015, inflation has surged from -0.1 per cent and in May hit a five-year high of 2.9 per cent.

'CPI remains well above the Bank of England's 2% target and we expect it to remain elevated throughout the third and fourth quarters, ' he said.

The UK's rate of inflation stuck at 2.6 per cent in July as the cost of petrol and diesel kept prices lower than expected, official figures published today showed. The worry is that consumers will either respond by further reining in spending or opt instead to pile up on credit, leaving them more vulnerable in the event interest rates rise or if unemployment increases due to Brexit.

The latest falls came after the Office for National Statistics reported that prices rose at an annual rate of 2.6 per cent in July on the consumer price index measure - less than the 2.7 per cent economists had predicted.

Bountiful monsoon rains this year are expected to lead to another bumper harvest, further dampening food prices, which contribute near 50 percent of the consumer price index.

Similarly, prices of food articles rose massively by 2.15 per cent from a deceleration of (-) 3.47 per cent during June 2017 and a rise of eight per cent in July 2017.

"It's too early to say if inflation in India is undergoing a structural shift", said Puneet Pal, head of fixed income at BNP Paribas Mutual Fund, adding that although inflation should stay below target, a short-term rise in food prices was a "caveat". From a month ago, inflation contracted -0.1%, after a flat reading in June.

There was, however, upward pressure from a wide range of prices and the inflation pressures are likely to increase over the next few months.

ONS figures on Tuesday also showed a modest slowdown in house price inflation, which edged down to 4.9 percent, its lowest since March's three-year low of 3.9 percent.

The key data to watch from a currency perspective was always going to be core CPI - this is the inflation generated by domestic demand and reflects organic strength in the economy.

The CPI measure dropped unexpectedly to 2.6% in June, down from 2.9% in May. Now that pressure on the Bank of England to raise interest rates has eased off, exporters may well be looking to take advantage of the opportunity by selling greater volumes of goods. "Retail price of clothing and footware items also went up by 4.22 per cent", said the CSO data.

Separately, economists in Bloomberg's monthly survey cut their forecasts for 2017 and 2018 economic growth to 1.5 percent and 1.2 percent.

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