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MNI BRIEF: UK Headline Inflation At 2%, But Services Sticky

Inflation unchanged at BOE target, but worries for BOE as services inflation still sticky.
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MNI (LONDON) - UK annual inflation rose 2.0% in June, as in May, the Office for National Statistics said Wednesday, a liitle higher than expectations. On a monthly basis, CPI rose by 0.1% in June.

The largest upward contribution to the monthly change in CPI came from restaurants and hotels, where prices of hotels rose more than a year ago. The largest downward contribution came from clothing and footwear, with prices of garments falling this year having risen a year ago. “Hotel prices rose strongly while second-hand car costs fell but by less than this time last year. However, these were offset by falling clothing prices," ONS Chief Economist Grant Fitzner said.

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MNI (LONDON) - UK annual inflation rose 2.0% in June, as in May, the Office for National Statistics said Wednesday, a liitle higher than expectations. On a monthly basis, CPI rose by 0.1% in June.

The largest upward contribution to the monthly change in CPI came from restaurants and hotels, where prices of hotels rose more than a year ago. The largest downward contribution came from clothing and footwear, with prices of garments falling this year having risen a year ago. “Hotel prices rose strongly while second-hand car costs fell but by less than this time last year. However, these were offset by falling clothing prices," ONS Chief Economist Grant Fitzner said.

Keep reading...Show less