Inflation in England stabilized in January this year
2018-02-13 11:51 am | Resource: NEWS | No Views : 86
UK inflation remained stable in January, as the downward pressure of auto fuel and food prices offset an upward impact on recreational and cultural goods. Inflation hit 3 percent in January, the same rate as in December, according to the Office of National Statistics today is Tuesday. Inflation was expected to slow to 2.9 per cent.
However, core inflation excluding energy, food, alcohol and tobacco accelerated to 2.7 percent from 2.5 percent, much higher than the expected 2.6 percent. The Bank of England said last week monetary policy would need to tighten to Some extent earlier and as much as expected.
The central bank expects inflation to remain close to 3 percent in the first quarter. However, it is expected to slow down as the impact of the sharp drop in the pound falls from the annual comparison. Paul Hollingsworth, an economist at Capital Economics, said the low inflation would pave the way for some growth this year, allowing the Bank of England to raise rates three times in 2018, More than markets expect.
Inflation, including housing costs occupied by property owners, remained steady at 2.7 percent in January, and on a monthly basis consumer prices fell by 0.5 percent compared to expectations of a fall of 0.6 percent. Separately, the bureau said production prices grew slowly in more than a year in January.
Inflation in production prices fell to 2.8 percent in January, the weakest since November 2016, from 3.3 percent a month ago. The rate was expected to drop slightly to 3 percent, and inflation in input prices slowed to 4.7 percent from 5.4 percent in the previous month. It was the slowest rise since July 2016. It was expected to rise 4.1%, output prices rose 0.1 percent year-on-year and input prices rose 0.7 percent.
The US Petroleum Institute is due to announce its estimates of oil inventories in the United States of America Tuesday, and the Energy Information Administration will release official data on stockpiles and production on Wednesday.
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