In October, consumer prices rose 0.1% over the previous month, well below the 0.6% increase recorded in September. Most of the upward pressure came from rising costs of clothing, as well as utility bills. Annual headline inflation moderated from 5.2% in September to 5.0% in October. Market analysts had expected inflation to ease to 5.1%. Inflation in the U.K. remains relatively high by historical standards and is well above the Bank of England's target of 2.0%. According to the Bank of England, however, the elevated inflation rate mainly stems from higher global commodity prices and January's VAT rate hike, and should gradually dissipate in 2012. According to its November Inflation Report, the Bank of England expects inflation to average 4.5% this year before moderating to 2.6% in 2012.
United Kingdom Inflation
Inflation eases in October
November 15, 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.