United Kingdom inflation steady at 2.4% in June | 18 July 2018
20 Julio, 2018, 07:11 | Author: Arnold Perez
United Kingdom retail sales are expected to have increased following the food weather and World Cup.
Last week, the government data showed that retail inflation grew five percent in June, a five-month high, from May's 4.87 percent on the back of rising fuel prices.
This is because it makes it slightly less likely that the Bank of England will decide to raise interest rates at its next Monetary Policy Committee meeting on August 2.
ONS tweeted: "Clothing and computer games prices fell while rising prices for petrol and gas and electricity provided the largest upward contributions to change in #inflation".
"However, gas and electricity and petrol prices all rose, with consumers seeing the highest price at the pump for almost four years, with inflation remaining steady overall", he added.
The pound dropped after the inflation release and was 0.5 percent lower at $1.3044 as of 10:22 a.m. London time after recovering some of its initial losses. Petroleum prices climbed by 2.7 pence per liter to 128 pence and the cost of diesel advanced by 2.9 pence to 132.1 pence, both the highest since September 2014. Core inflation slowed to 1.9 percent, a 15-month low.
But some relief emerged for consumers on the high street, where clothing discounts - most strongly felt in men's apparel - left more cash in shoppers' wallets.
June retail sales came in at -0.5%, versus analysts forecasts of 0.4% growth.
Here’s the chart from the ONS
Vegetables - including potatoes - also fell 0.9% month on month.
The CPIH, produced each month by the Office for National Statistics, is adjusted to include a measure of the costs associated with owning, maintaining and living in one's own home. To be sure, the price gains have to be seen from the perspective of an unfavourable base effect - WPI inflation in June 2017 was just 0.9%.
There had been expectations that the Bank of England would raise interest rates in August.
Tom Stevenson, investment director for personal investing at Fidelity International, said it looks odds-on that the BoE will hold fire yet again on a rate rise. "The decision is certainly not set in stone, particularly as wage growth is a key component of inflation, and the recent data shows little promise of a sustained rise in salaries". "August's expected rate hike is, therefore, even less of a dead cert than it was".
The Bank of England is under pressure to delay raising interest rates this summer.
Wholesale inflation rate, which is measured by the wholesale price index (WPI), is an indicator of price movements and largely mirrors trends in shop-end prices.
CPI including owner occupiers' housing costs was unchanged at 2.3%.
It took the edge off annual growth too, which slowed from 4.1pc in May to.
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