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UK CPI Rises by 2.5% in July

Published Aug 15, 2018 04:31AM ET
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© Reuters. UK Inflation Rises by 2.5% in July

Investing.com - British consumer prices in July rose by 2.5% compared with a year earlier, the Office for National Statistics said on Wednesday.

That was in line with expectations and up from 2.4% in June.

It was the first increase in inflation in eight months, boosted by the cost of auto fuel, transport tickets and computer games.

Upward pressures on inflation were offset by some financial services and clothing and footwear prices, which declined 3.7% on the month as struggling retailers extended summer discounts.

Core CPI, which excludes food, energy, alcohol, and tobacco costs rose at a seasonally adjusted rate of 1.9% last month, the same as its increase a month earlier.

The inflation figures came a day after data showing that Britain's unemployment rate fell unexpectedly to a new 43-year low in the three months to June, but there was little upside for most workers as pay growth slowed to its weakest in nine months.

The figures painted a familiar picture of tightness in Britain's labor market -- including record high job vacancies -- failing to translate into strong wage growth.

The Bank of England raised interest rates earlier this month, but signaled it was in no hurry to lift them further as Britain heads for Brexit next year with no clear plan for leaving the European Union.

With less than eight months until Britain leaves the EU, the government has yet to agree a divorce deal with Brussels and has begun talking more publicly about the prospect of leaving the bloc without any formal agreement on what happens next.

UK CPI Rises by 2.5% in July
 

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