Rising fuel prices push up United Kingdom inflation for first time in 2018

15 August, 2018, 17:10 | Author: Billie Castillo
  • Consumer Inflation Dips To 4.17% In July Here's What Experts Have To Say

As measured by the Consumer Price Index, it stood at 1.6% in July, down from 2.6% the previous month.

The consumer prices index (CPI) rose at an annual rate of 2.5% last month after holding at 2.4% in the previous three months, following a steep rise in annual energy price growth from 8.7% in June to 9.3%.

The Consumer Price Index (CPI) rose to 2.5 per cent in July, up from 2.4 per cent in June - the first rise since November a year ago.

'With the prices of clothing falling and the price rises of other imported goods continuing to unwind, consumers may get a respite feeding into slightly lower inflation in the months ahead.

United Kingdom inflation rose to 2.5% in July, after holding steady at 2.4% in the previous three months as the cost of transport and computer games increased.

Economic Affairs Secretary S C Garg said that all macroeconomic parameters are performing well.

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"As the temporary factors pushing prices up fade away, inflation is expected to slowly fall back close to the target rate, but that will offer little respite for workers without a significant pickup to their salaries in tandem". It is down from 5% in June. "Despite the truckers' strike, food inflation eased considerably in July 2018, benefiting from the base effect", she said.

As per the data, the inflation in protein-rich items like meat and fish, and also milk was also slower in July compared to the previous month. However for eggs, cereals and products as also oil and fats the rate of price rise was higher than in June.

Tej Parikh, senior economist at the Institute of Directors, said: "These figures show that the cost of living squeeze is not yet a thing of the past".

If the recent depreciation of the Indian rupee sustains, it may modestly feed into the CPI inflation over the near term, said Aditi Nayar, Principal Economist, ICRA.

The prices for the data are collected from selected towns by the Field Operations Division of NSSO and from selected villages by the Department of Posts.

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