Inflation rate rises to six-month high

20 Sep 2018

Data published by the Office for National Statistics (ONS) has revealed that inflation unexpectedly rose to a six-month high of 2.7% in August.

Experts had forecasted inflation to fall to 2.4% during August, from 2.5% in July. Transport and clothing prices helped to fuel the rise, the data revealed.

However, mobile phone charges, alongside rising prices for furniture and household goods, had a 'downward effect' on inflation.

Meanwhile, wages are rising faster than the rate of inflation, according to the ONS, with official data recently revealing that wages grew by 2.9% in the three months to July.  

Commenting on the statistics, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said: 'With UK economic conditions subdued, and little evidence that higher inflation is translating into materially stronger pay growth, the Monetary Policy Committee (MPC) has sufficient scope to opt for a prolonged period of monetary stability.

'Against a backdrop of significant political and economic uncertainty, more needs to be done to boost UK growth and productivity, including kickstarting business investment through tackling the high upfront cost of doing business in the UK.'

Copyright

© 2019 Volans, Leach & Schofield. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0113 245 7031

Quick links

Home | Contact us | Credit | Site map | Accessibility | Disclaimer | Help |


Registered to carry out audit work by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the FCA.

Our FCA Register number is 542783 which can be checked at www.fca.org.uk/register. The Financial Conduct Authority does not regulate taxation and trust advice, personal finance and some aspects of commercial property investment.

Volans, Leach & Schofield is a trading style of Volans Limited - Company number 07549089.

Registered in England and Wales with registered office at Volans, Leach & Schofield, 10 Blenheim Terrace, Woodhouse Lane, Leeds, West Yorkshire LS2 9HX .

Directors: Christopher Smart FCA CTA and Martin Knaggs FCCA.

Please check the information in the Disclaimer page before proceeding.