United Kingdom Inflation

United Kingdom

United Kingdom: Inflation rises to a six-month high in June

July 15, 2014

In June, consumer prices rose 0.2% over the previous month, which contrasted both the 0.1% drop recorded in May and market expectations of a 0.1% drop. June’s increase came on the back of higher prices for clothing, food and non-alcoholic drinks as well as for air transport. According to the statistical office, there were no significant downward effects to offset these increases.

Annual inflation rose from 1.5% in May to 1.9% in June, marking the largest increase since December 2013. Annual average inflation was stable at May’s 2.1% in June—the lowest level since December 2005.

In its latest inflation report from May, the Bank of England projected that inflation would average 1.8% in both 2014 and 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 1.8% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel forecasts that inflation will average 2.0%.


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United Kingdom Inflation Chart

United Kingdom Inflation June 2014

Note: Annual and monthly variation of consumer price index in %.
Source: Office for National Statistics (ONS) and FocusEconomics calculations.

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