In July, consumer prices remained flat over the previous month, contrasting the 0.1% decline in June. Most of the upward pressure came from increasing transport prices as well as prices in the housing and household services categories. On the other hand, clothing and footwear prices eased in July due to the summer sales. Owing to the unfavourable comparison base last year, annual headline inflation edged up from 4.2% in June to 4.4% in July, which exceeded market analysts' expectations of a 4.3% increase. The elevated rate of inflation mainly stems from higher global commodity prices as well as past VAT rate hikes. Moreover, inflation is expected to further accelerate in August on the back of higher utility prices announced for 18 August. According to its Inflation Report from August, the Bank of England projects inflation to average 4.6% this year and to moderate to 3.1% in 2012.
United Kingdom Inflation
Inflation steps up in July
August 16, 2011
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United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.