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By Jamie Satchi and Laurie Laird
LONDON (MNI) - The following are the key points from inflation data
published Wednesday by the Office for National Statistics.
- Consumer prices steadied at 2.4%, undershooting Bank of England
expectations, but remaining above the Bank's target for the twentieth straight
- House prices accelerated modestly, despite continued weakness in London.
Residential property costs fell by 0.3% in September, the third consecutive fall
and the longest stretch of declines since the three months to October 2009.
- Fuel prices surged by an annual rate of 11.9%, but contributed just 0.03
percentage points to the change in the CPI, as prices were also rising in the
same month of 2017. The weight of fuel in the CPI basket has been reduced
slightly over the past year, which may limit its effect on broader price
- Clothing and footwear prices fell by 1.1% over October 2017, the biggest
annual decline since August 2016. Despite this, there was no anecdotal evidence
of a promotion push across retailers in the run up to Black Friday, according to
an ONS official.
- The fate of RPI remains up in the air, with a top official saying only
that the ONS awaits recommendations from a House of Lords review that was due at
the end of October.
--MNI London Bureau; tel: +44 203-586-2225; email: firstname.lastname@example.org
--MNI London Bureau; +44 203-586-2226; email: email@example.com