UK Inflation Rate Hits Six Month high

The UK's inflation rate hit a six-month high today.

The UK’s, inflation rate hit a six-month high today.

The rate of Consumer Price Index inflation was 2.7% in August, compared to 2.5% in July, the Office for National Statistics said.

UK Inflation Rate Hits Six Month high and comfortably above market expectations of 2.4 percent.

It was the highest inflation rate since February mainly boosted by rising prices of transport, recreation & culture, and food & non-alcoholic beverages.

Inflation Rate in the United Kingdom averaged 2.58 percent from 1989 until 2018, reaching an all time high of 8.50 percent in April of 1991 and a record low of -0.10 percent in April of 2015.

Consumer price inflation in the UK rose to an annual rate of 2.7 percent in August 2018 from 2.5 percent in the previous month and comfortably above market expectations of 2.4 percent.

It was the highest inflation rate since February mainly boosted by rising prices of transport, recreation & culture, and food & non-alcoholic beverages.

Main upward pressure came from: transport (6.1 percent vs 5.7 percent); recreation and culture (3.6 percent vs 3.1 percent); and food and non-alcoholic beverages (2.5 percent vs 2.3 percent); clothing and footwear (0.3 percent vs -0.4 percent). Also, inflation was unchanged for both housing, water, electricity, gas and other fuels (at 2.3 percent); and restaurants and hotels (at 2.5 percent).

Meanwhile, prices of furniture, household equipment and maintenance rose at a softer pace (0.7 percent vs 1.3 percent); while a deflation was recorded in miscellaneous goods and services (-0.7 percent vs -1 percent).

Back to top button