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CPI Accelerates to Fresh '97 High


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MNI (London)
By Jamie Satchithanantham and Laurie Laird
     LONDON (MNI) - The following are the key points from the ONS' inflation
data published Tuesday by the Office for National Statistics.
     - CPI steadied at an annual rate of 2.4%, confounding expectations,
potentially changing the landscape for the Bank of England's Monetary Policy
Committee, which considers rates on Aug 1 ahead of the Aug 2 announcement.
     - Core inflation fell to an annual rate of 1.9%, the lowest since Mar 2017.
Wage growth has failed to meet the Bank's expectations, with nominal total wages
rising by an annual rate of 2.5% between March and May.
     - An 11.6% rise in fuel prices failed to lift broader consumer price
inflation, countered by a sharp fall in clothing prices in June. A decrease in
the price of computer games -- always a volatile component of the CPI -- also
kept the broader index in check.
     - House prices rose just 3.0%, the joint lowest increase since August of
2013. However London prices slipped by an annual pace of 0.4%, the fourth
consecutive decline.
     - It remains unclear whether the 50.7% annual rise in crude oil prices will
feed through to consumer inflation in coming months. Producer input prices
accelerated to an annual gain of 10.2%, while producer output prices rose to a
pace of 3.1% from 3.0%.
--MNI London Bureau; tel: +44 203-586-2225; email:
MNI London Bureau | +44 203-865-3812 |

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