Inflation in the UK will rise for the first time in 2018
2018-08-15 09:57 am | Resource: News | No Views : 76
Inflation in the UK rose in July, as expected, according to the latest data released by the National Statistics Office released on Wednesday. The Consumer Price Index, the most watched measure, rose from 2.4% in June to 2.5% in July, reflecting a downward trend in inflation over the course of 2018.
Inflation stood at 2.3% in July, unchanged from the previous month.
"Transport and fuel tickets, along with the high prices of computer games, have often cost consumers." On the other hand, there has been a decline in the prices of women's clothing and footwear, some financial services.
It has now risen again, although the National Bureau of Statistics has indicated that this is probably possible, noting that the prices of computer games - which helped push inflation higher - have become "very different from month to month."
For manufacturers, the cost of raw materials was 10.9% higher than in July 2017, the biggest increase in more than a year. Many of these cost pressures have resulted from higher oil prices by over 50% during this period.
Unemployment in the UK
The latest inflation figures come just 24 hours after the National Bureau of Statistics shows that unemployment in the UK has fallen to just 4%, a low level since the early 1970s. Data on Tuesday also showed that real wages in the UK will continue to grow, though not much, which will worsen due to the high inflation reading on Wednesday.
"For families, this is not good news, as the already weak growth in their pay packages is falling further because of higher prices, and this spending is likely to weigh on consumers, posing new problems for high-end trading companies."
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