United Kingdom Inflation

United Kingdom

United Kingdom: Inflation declines further on lower fuel prices

July 17, 2012

In June, consumer prices decreased 0.4% over the previous month, which marked the sharpest price drop since January and exceeded market expectations of a 0.1% decline. Prices fell across the board, in particular for clothing and footwear, amid "reports of summer sales starting earlier than last year", as well as for transportation, mostly reflecting lower fuel prices. Owing to the subdued monthly reading, annual inflation dropped from 2.8% in May to 2.4% in June, which represents the lowest inflation rate since November 2009. Moreover, the trend continued to point downwards, with annual average inflation edging down from 4.0% in May to 3.9% in June. Based on figures from its latest inflation report from May, the Bank of England expects inflation to average 3.2% this year


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United Kingdom Inflation Chart

United Kingdom Inflation June 2012

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Office for National Statistics (ONS).

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