Venerdì, 19 Aprile, 2019

UK July Consumer Prices Decline 0.1%, Inflation Rate Unchanged At 2

GETTY- STOCKData out this week is expected to show inflation resumed in July GETTY- STOCKData out this week is expected to show inflation resumed in July
Sveva Terracina | 16 Agosto, 2017, 14:49

The U.K.'s annual rate of consumer price inflation remained the same in July from June's reading. Vegetable prices were up 22 per cent in July as a result of a hike in tomato prices.

Vegetable prices rose 3.57% in July from a contraction of 16.53% in June, that pushed the consumer price index (CPI) to 2.36%.

It was also found that the year-on-year increase in producers' raw material costs fell to 6.5% last month, down from 10% in June - the biggest month-to-month slowdown in nearly five years.

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"Retailers also felt the pinch from the weak pound in July, as their own costs increased and they were left with the hard decision of whether to absorb the costs or pass them onto the consumer".

The index for the Food Articles group rose by 6.2 percent to 147.6 (provisional) from 139.0 (provisional) for the previous month, owing to higher price of fruits and vegetables (29 percent), peas (six percent), ragi (four percent) and condiments and spices, barley, poultry chicken and paddy at one percent each. As per the consumer price index data released by the Central Statistics Office, food inflation reported a negative growth of 0.29% while prices of sugar and confectionery items, pan and tobacco surged.


The pound fell around 0.4% against the dollar to change hands at 1.2909, the lowest since July 14, before paring the decline to around 1.2922 by 09:40 London time.

Segment-wise, the price of high-speed diesel rose by 5.49 per cent during July, while that for petrol climbed by 9.60 per cent, and for LPG by 0.28 per cent.

Muted producer output prices in July and a further easing back in the year-on-year increase in input prices point to easing inflationary pressures down the price chain.

The core inflation rate-which excludes the most volatile products such as food, alcohol and gasoline-also remained unchanged at 2.4%, but down from May's 2.6%.

Clothing and utility bills were also putting upward pressure on CPI, with electricity, gas and other fuels lifting 0.8 per cent between June and July after flat growth over the period in 2016. The worry is that consumers will either respond by further reining in spending or opt instead to pile up on credit, leaving them more vulnerable in the event interest rates rise or if unemployment increases due to Brexit.

As far as how this monthly survey is compiled, the New York Fed uses a nationally representative internet-based survey of a rotating panel of approximately 1,200 household heads.

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