uk inflation hits highest since 2014
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

UK inflation hits highest since 2014

Arab Today, arab today

Arab Today, arab today UK inflation hits highest since 2014

The Bank of England (BoE) expects inflation to approach 2.7 percent
London - Arab Today

British consumer prices rose last month at the fastest pace since June 2014 and are set to rise further, propelled by higher global oil prices and the Brexit-fueled fall in the pound, official data showed on Tuesday.
Consumer prices increased by 1.8 percent compared with a year earlier, picking up from 1.6 percent in December, and prices paid by factories jumped by more than 20 percent.
The Bank of England (BoE) expects inflation to approach 2.7 percent by the end of the year while many economists say it will go above 3 percent, putting to the test the BoE’s decision to keep interest rates at a fraction above zero.
At the same time, stronger inflation will put a strain on the spending power of British households who have so far helped the economy withstand the shock of last June’s vote to leave the EU.
Sterling fell below $1.25 and government bond prices rose after January’s inflation reading came in slightly below expectations for a 1.9 percent annual rise in a Reuters poll of economists, held back by a fall in clothing prices.
“We are only seeing the thin end of the wedge in terms of inflation,” said Richard Lim, chief executive of consultancy Retail Economics. He noted that hedging contracts taken out by retailers to protect against sterling’s fall were unwinding.
“We expect inflation will accelerate sharply in the coming months, hitting 3 percent by the end of the year,” he said.
Factories suffered the sharpest annual rise in prices since September 2008 as raw material costs jumped by more than a fifth in January compared with the same month last year.
The major factor was the cost of crude oil, which was more than 88 percent higher than a year earlier — the biggest increase since June 2000 — overwhelmingly driven by a global rebound in oil prices.
In dollar terms, the cost of North Sea oil at the end of January was around 60 percent higher than a year earlier, when it had touched a 12-year low.
The pound’s fall — it is down about 17 percent against the US dollar and 11 percent against the euro since the Brexit vote — is starting to hit consumers, whose spending has helped the British economy to grow since the vote.
Food prices showed the smallest annual decrease since July 2014 as the cost of chocolate and sweets rose by almost 5 percent on the month.
Retail price inflation — tracked by British inflation-linked government bonds and many commercial contracts — also rose to its highest since June 2014, at 2.6 percent.
Excluding oil prices and other volatile components such as food, core consumer price inflation held steady at 1.6 percent, confounding economists’ expectations for a rise to 1.8 percent.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk inflation hits highest since 2014 uk inflation hits highest since 2014

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk inflation hits highest since 2014 uk inflation hits highest since 2014

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms

GMT 19:56 2017 Thursday ,09 March

Qatar Pavilion Opens at ITB Berlin

GMT 23:34 2013 Thursday ,07 February

New BMW 3 Series Gran Turismo

GMT 12:57 2017 Friday ,13 October

JPMorgan open to digital money if regulated

GMT 04:38 2017 Friday ,10 March

ADNOC opens fifth ADNOC Xpress

GMT 10:30 2017 Friday ,10 November

BDF military contingent honoured

GMT 17:37 2017 Tuesday ,24 January

China jails former Sinopec president for graft

GMT 19:34 2017 Sunday ,14 May

Austria centre-right calls for snap elections

GMT 14:54 2014 Saturday ,29 November

Wall cladding, wallpaper, fabric and wood!
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday