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Pound jumps as inflation surges to 2.3%

Posted on Mar 21, 2017 in News

The pound has surged against the dollar after the Office for National Statistics (ONS) reported inflation hit 2.3%, well ahead of January’s 1.8% reading and surpassing investors’ expectations. The jump in the consumer prices index takes inflation above the Bank of England’s 2% target and is above the 2.1% reading investors had been expecting. The retail prices index, which includes the impact of mortgage costs, rose to...

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Bank keeps interest rates at 0.25% but decision split amid inflation fears

Posted on Mar 16, 2017 in News

The Bank of England has kept interest rates on hold at 0.25%, but mounting concern over surging inflation saw one policymaker vote for a hike in the first split decision since last July. Minutes of the meeting showed the Bank is pencilling in growth of around 0.6% in the first three months of the year, following 0.7% expansion in the previous quarter. Inflation is predicted to rocket from 1.8% to “materially” above the Bank’s...

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Inflation reached a two-and-a-half-year high in January as food and fuel prices pushed up the cost of living.

Posted on Feb 14, 2017 in News

The Office for National Statistics (ONS) said the Consumer Price Index (CPI) measure of inflation hit 1.8% last month, up from 1.6% in December, marking its highest level since June 2014. However, the move came in shy of the Bank of England’s 2% target and economists’ expectations of 1.9%. Separate figures for the Producer Price Index (PPI) showed that input prices – the amount paid for materials and fuel by UK manufacturers...

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Consumer Prices Index (CPI) rose by 1.6% in the year to December 2016

Posted on Jan 17, 2017 in News

The Consumer Prices Index (CPI) rose by 1.6% in the year to December 2016, compared with a 1.2% rise in the year to November. The rate in December was the highest since July 2014, when it was also 1.6%. Price movements for the majority of the broad groups of goods and services acted to increase the rate between November 2016 and December 2016. The main contributors to the increase in the rate were rises in air fares and the price of food, along...

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UK inflation at two-year high as clothing prices rise

Posted on Dec 13, 2016 in News

The biggest rise in clothing prices in six years helped to drive the UK’s inflation rate up to 1.2% in November, up from 0.9% in October. November’s Consumer Prices Index (CPI) inflation rate was the highest since October 2014, when it stood at 1.3%. The Office for National Statistics (ONS) said increases in the price of petrol were also responsible for the slightly higher than expected rise. Those increases were partly offset by...

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Inflation stays level at 0.6%

Posted on Sep 13, 2016 in News

Inflation was unchanged at 0.6% last month as rising food and transport prices were offset by a slip in the cost of clothing, wine and hotels. The Consumer Price Index (CPI) inflation stalled in August after stepping up in June and July by 0.5% and 0.6% respectively, the Office for National Statistics (ONS) said. Economists had been pencilling in a rise of 0.7%. The ONS said there was “little sign” of the plunge in the value of the...

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