U.K. Inflation Unexpectedly Accelerates on Theater Prices, Fares

Wednesday, 19 September 2018 15:53 WIB

Ekonomi inggrisUK Inflation


U.K. inflation unexpectedly accelerated in August, boosted by the cost of theater shows, computer games, transport fares and clothing.

Annual consumer-price growth quickened to 2.7 percent from 2.5 percent in July, the Office for National Statistics said on Wednesday. The median forecast in a Bloomberg survey was 2.4 percent.

Upward pressure came mainly from prices in the recreation and culture sector, which jumped 3.6 percent, the most since 2010. There were offsetting influences from furniture prices and mobile-phone charges.

The figures may raise questions about how quickly inflation will return to target. The Bank of England raised interest rates last month to tame emerging price pressures and some economists were expecting inflation to slow to the 2 percent target by year end, earlier than officials forecast in August.

Money markets see no further rate hikes before Britain leaves the European Union in March, with the next increase tentatively priced in for May. But all bets would be off if Britain crashes out of the bloc without a deal.

Core inflation, which excludes volatile food, energy, tobacco and alcoholic drinks, rose to 2.1 percent August.

The pickup is bad news for British workers, whose wages are still barely outstripping the rate of inflation. Real wages remain below their levels before the financial crisis.

Producer input prices rose 0.5 percent, taking the annual rate of increase to 8.7 percent. Output prices rose 2.9 percent on the year.

House price growth slowed to 3.1 percent in July. The worst-performing region was London, where prices fell 0.7 percent, the biggest drop since September 2009.

Source : Market Watch




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