Inflation in the UK stabilized at its highest level in more than a year in May
2018-06-13 02:01 pm | Resource: NEWS | No Views : 85
Inflation in the United Kingdom remained steady at a one-year high in May on fuel prices, data from the National Bureau of Statistics showed on Wednesday.
Inflation in consumer prices stabilized at 2.4%, the lowest level since March 2017, and in line with expectations, and on a monthly basis, consumer prices rose 0.4% in May, to match economists' expectations.
Core inflation, which excludes energy, food, alcohol and tobacco, remained steady at 2.1 percent in May. "The recent steep rises in the cost of crude oil have fed consumer prices," said Mike Hardy, head of inflation.
Air and ferry prices have also contributed to the overall increase in inflation due to Easter time, the office official said.
"However, these effects have been partly compensated by the fall in computer game prices and energy costs that have risen less than this time last year," Hardy said.
Soren Thierrow, head of economics at the British Chamber of Commerce, said that with inflation unchanged and a number of other economic indicators pointing to a weak economy, the prospects for a rate hike in August seem far more distant.
Another report from the National Statistics Office showed that production inflation has been positive since July 2016, but this was the first time the rate has risen since November 2017.
Inflation in production prices rose to 2.9 per cent a year in May, as expected, from 2.5 per cent. On a monthly basis, prices rose by a steady 0.4%, while economists forecast a rise of 0.3%.
At the same time, input price inflation accelerated more than expected to 9.2 percent in May from 5.6 percent a month earlier. Prices were expected to rise moderately by 7.6 percent.
Similarly, monthly inflation rose to 2.8 per cent from 0.6 per cent, above the projected 1.8 per cent increase
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