News Worms
News Worms


United Kingdom inflation rate rises to 2.9%

United Kingdom inflation rate rises to 2.9%

Peter Dowd, Labour's shadow chief secretary to the Treasury, said: "The continued rise in inflation will come as further bad news for working families; who after 7 years of Tory economic failure have seen their wages fail to keep up with prices".

India's Consumer Price Inflation rose to 3.36% in August, as against 2.36% in July 2017, data released by the Central Statistics Office showed on Tuesday.

But a rebound in the price of oil also had an impact, pushing up fuel prices. "Economists have suggested that now is finally the time that the Bank takes a more hawkish turn, after eight and a half years of ultra-loose policy", said Maike Currie, investment director for personal investing at Fidelity International.

The latest data beat expectations of a gain to 2.8 percent, according to analysts' consensus forecast.

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.

"Indeed it's possible that 2.9 per cent will be the highest we see in the current cycle". Mark Carney will certainly be hoping so, as it will save him the trouble of writing to the Chancellor to explain himself.

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. Headline inflationary pressure should begin to moderate in 2018 as the large moves in the pound drop out of the reported numbers.

Output prices climbed 3.4 percent yearly, faster than the 3.2 percent increase in July.

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

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