Sunday, 21 January, 2018

Inflation rises to 3.1% - highest in 6 years

Jeannie Matthews | 12 December, 2017, 18:18

Official data released on Tuesday showed inflation as measured by the consumer price index (CPI) accelerated in November to a 15-month high of 4.88 percent from October's 3.58 percent, mainly due to costlier fuel, vegetables and eggs.

The consumer price index net of food and energy prices rose 0.9 percent year-on-year following 0.8 percent in October.

United Kingdom consumer price inflation has risen so high that Bank of England governor Mark Carney will have to write a letter to the Chancellor explaining why and what he intends to do about it.

Annual CPI growth was lifted by a 0.3% month-on-month increase in November, which was up from the 0.1% rise in October and higher than the 0.2% consensus forecast.

Inflation in Britain climbed to the highest level in over five in and a half years in November, remaining above the Bank of England's 2% target for the ninth consecutive month, after breaking through the threshold for the first time in three years in March. Core y/y inflation remained unchanged at 2.7%. "If inflation keeps creeping up, or remains elevated, then the chances of the engine sputtering rise incrementally".

Upward pressure on inflation last month came from the price of computer games and air fares falling less than they did a year earlier, as well as fuel prices, the ONS said.

FA asks Guardiola's explanation of his Redmond confrontation
Everyone wants to win the game, definitely. 'But they didn't want to play, they were time wasting from the ninth minute. City, eight points clear at the top of the table, play West Ham at the Etihad on Sunday.

Relative to October, inflation is likely to see a mild uplift from higher petrol prices.

Vegetables during the month became costlier by a staggering 22.48 per cent, while prices of milk-based products rose by 4.52 per cent. That's something that the Bank of England has indicated, too, in its quarterly economic projections.

"It's quite possible that inflation is now close to its peak", said Lucy O'Carroll, chief economist at Aberdeen Standard Investments.

He added that the prices of raw materials and goods leaving factories continued to increase as oil and petrol prices continued to rise.

"Too much inflation could threaten the Bank's credibility and therefore its grip on the economy", she says. The more recent reduction in GST rates for many goods and services might mitigate upside pressure on inflation in the months ahead.

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