m3n4.net August 17, 2018

High UK inflation piles on pressure to hike rates

14 February 2018, 06:03 | Vera Richards

High UK inflation piles on pressure to hike rates

Consumer prices jump higher than expected, roiling Wall Street

Economists had on average expected it to fall back slightly to 2.9%.

While statistically correct, any "feel-good" factor will have been lost on most vehicle and van owners.

At the pumps, petrol prices rose by 1.1p per litre on the month to 121p per litre, while diesel rose 1p to 124.5p per litre. The two-year ahead measure, which is often considered the headline result, jumped from 2.02 percent last quarter to 2.11 percent this quarter. That's price inflation in a nutshell.

The ONS said that although petrol prices had risen by less than this time a year ago, the cost of entry to attractions such as zoos and gardens fell more slowly.

James Smith of ING bank doesn't expect this to continue.

We use cookies to give you the best experience on our website and bring you more relevant advertising.

Omarosa Says She Was 'Haunted By Tweets' In Trump's White House
Mathews asks, "Does anybody say to him, 'What are you doing?'" "It's going to not be okay, it's not", Manigault-Newman responded. For those of you who missed it, Shannon and her fellow house guest, Marissa Jaret Winokur , are actually longtime friends.

The rate of price rises had been widely expected to fall for a second month in a row but the Office for National Statistics said the figure was the same as in December. "The recent sterling strength will only accelerate this process".

As per data released by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, food inflation saw a marginal decline to 4.70 percent in January from 4.96 percent in December past year.

"However, with mounting signs of economic growth slowing at the start of 2018, a May rate rise is by no means a done deal and will likely be dependent on the data flow improving in coming months".

That followed price rises hitting their highest since March 2012 in November at 3.1 per cent.

Has UK inflation peaked at 3%?

Higher inflation has been fuelled in part by the Brexit-induced collapse of the pound, which has made imports more expensive and driven up the cost of living, adding pressure on households squeezed by paltry wage growth. "Prices of fruits too rose at a slower pace of 6.24 per cent last month, as against 6.63 per cent recorded in the preceding month", it said. Further, a pick-up in global growth has the potential to exert more pressure on crude oil and commodity prices with implications for domestic inflation. If workers were becoming more productive, then companies could pay them more without increasing the cost of the services sold - their staff would be able to serve more customers over the same time period, spreading the cost across more sales.

Trump should release Democrats' memo
The confirmation about Papadopoulos is "the most important fact disclosed in this otherwise shoddy memo", Schiff said Saturday. The FBI and Justice Department deny they've done anything wrong, and they opposed the public release of the memo.

"Growth was reportedly curtailed by the loss of existing clients and lingering concerns surrounding the UK's exit from the European Union", said the IHS Markit study.

Inflation has now held above the BoE's crucial 2.0-percent target level for 12 successive months.

Inflation around 2 percent is still very low, but Wall Street traders fear that this could be the beginning of a quick run up in wages and prices.

Brettell says this must add weight for higher interest rates, sooner, not later.

The Bank of England monetary policy committee warned last week that, partly due to stronger worldwide economic demand, United Kingdom rates would have to rise sooner and to a "greater extent" than previously anticipated.

Will You Pay $5 Per Month for the ESPN Plus Streaming Service?
The new app could help take the focus on ESPN business from its declining sub base in traditional TV to its new streaming model. ESPN has the rights to more content that it can show though its traditional channels, so this gives it an outlet.

Other News

Trending Now

Police in Alabama Arrest Suspect in Viral Sex Abuse Video
Moore, of Millbrook, also is wanted in Detroit , where prosecutors allege that he sexually assaulted three girls. Maryland State Police says a video showing apparent child pornography is spreading across social media.

Here's what's new with Windows 10 Insider build 17093 for PC
As ever, some known bugs remain, including a pause of up to 90 minutes at the 88% mark during the installation process. Our best guess is that the password-less mode will be available when the rumored "S Mode" is activated.

Drowsy Driving Crashes Higher Than Federal Estimates
An executive from AAA suggests that missing just two to three hours of sleep can more than quadruple your risk for a crash. A new report from AAA says that crashes caused by drowsy drivers are higher than federal estimates.

Turkish president in Rome addresses European Union membership, Jerusalem status
After the meeting, the Pope gave Mr Erdogan a bronze medallion showing an angel embracing the world while battling a dragon. Erdoğan was also expected to meet with Cardinal Pietro Parolin, the Vatican's secretary of state.

Dow falls more than 1000 points
On Friday, stock markets around the world that opened ahead of the United States trading day were in sell-off mode. Analysts have said for months that financial markets were due a correction , after a long period of rising prices.

Top ANC Officials Cancel Events as Zuma Exit Talks Intensify
The report stated that Zuma and ANC president Cyril Ramaphosa are secretly negotiating the deal. On Saturday, the part saying "it's going to be ugly" had been edited out of her post.

Netflix releases surprise sequel to sci-fi horror 'Cloverfield'
Originally titled God Particle , The Cloverfield Paradox wasn't meant to be a secret, "Lemonade"-style release ". I guess this explains last week's news that Cloverfield 4 is complete and ready to hit theaters this October .

Maryland child has died from the flu, state health officials confirm
Missouri Health Department officials say 9,566 new cases of flu have been reported across the state as of Saturday, January 27. The Centers for Disease Control and Prevention said hospitalizations related to the flu could exceed 700,000.

Firmino says he wants to "build a history" at Liverpool
"Over the years when I was playing maybe we took it for granted getting to the knockout stages of the Champions League ". Southampton: McCarthy; Cedric, Stephens, Hoedt, Bertrand; Romeu, Lemina; Ward-Prowse, Tadic, Boufal; Carillo.

Commuter disruption expected as Scotland hit by snow
The Met Office says there will be some roads or railways that will be affected to the point where delays will be inevitable. A spell of rain, sleet and increasingly snow will move east across the United Kingdom on Monday night and Tuesday.