Friday, 24 November, 2017

Retail inflation in August shoots up by 3.36%, highest in five months

GBPNZDSep10 Global economy: UK inflation targets still proving elusive
Preston Stone | 13 September, 2017, 00:20

The UK's inflation rate climbed to its highest level in more than five years in August as the price of petrol and clothing rose.

The cost of living in the United Kingdom jumped to a joint four-year high in August, official data from the Office for National Statistics, (ONS) showed Tuesday.

There was upward pressure on clothing and fuel prices for the month and there was wider upward pressure on finished goods prices for the month.

Inflation rose in both Britain and the EU overall, with increasing global commodity prices thought to be partly responsible, although the United Kingdom rate is higher than in all the larger western European nations. Retaining its neutral stance, RBI pinned future action on data, saying that wanted more confidence that inflation would move "close to 4 per cent on a durable basis". The annual growth was forecast to increase to 2.8 percent.

However, Hargreaves Lansdown senior economist, Ben Brettell, believes that demographic changes could mean today's rate may be the highest we see in the current cycle.

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"I see more deflationary forces than inflationary in the world economy at present".

The bigger-than-expected rise in inflation comes ahead of the Bank of England's next announcement on interest rates, which is due on Thursday.

The inflation for housing increased to 5.58%, while that for miscellaneous items was higher at 3.85% in August 2017.

"Over the long term, inflation is rarely a country-specific phenomenon, especially for developed, open, market economies".

"The combination of this along with high levels of debt, creates the threat of deflation - the stuff of nightmares for central bankers - and explains why they remain so cautious to "normalise" monetary policy at present".

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