UK inflation reaches 10.1% on soaring food, energy costs
2 years, 4 months ago

UK inflation reaches 10.1% on soaring food, energy costs

Associated Press  

LONDON — Britain’s inflation rate rose to a new 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe as climbing food prices in the United Kingdom tightened a cost-of-living squeeze fueled by the soaring cost of energy. “We wouldn’t rule out another hike in November.” Inflation is surging in many countries as Russia’s war in Ukraine has triggered unprecedented increases in energy prices worldwide. “I understand that times are tough, and people are worried about increases in prices that countries around the world are facing,” U.K. Treasury chief Nadhim Zahawi said. The favorite to replace him, Foreign Secretary Liz Truss, is opposed to major intervention, saying she favors tax cuts over “handouts.” The other contender, former Treasury chief Rishi Sunak, introduced a 25% windfall tax on oil and gas companies’ profits in May that is expected to raise several billion pounds to help fund payments for people with rising utility costs.

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History of this topic

Inflation is up again – and this time, it’s fired by ‘greedflation’
6 days, 13 hours ago

Inflation is up again – and this time, it’s fired by ‘greedflation’

The Independent  

With inflation jumping to 2.6 per cent, is it time to start discussing “greedflation”? The increase to 2.6 per cent in the Consumer Prices Index for the year to November, compares with October’s 2.3 per cent. The number dipped below the Bank of England’s 2 per cent target as recently as September when it came in at 1.7 per cent. …

UK inflation increases as cigarettes and petrol drive price rises
6 days, 18 hours ago

UK inflation increases as cigarettes and petrol drive price rises

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Chancellor of the Exchequer Rachel Reeves said the figures are a “reminder that for …

U.K. Inflation rises further above Bank of England's target in November
6 days, 19 hours ago

U.K. Inflation rises further above Bank of England's target in November

The Hindu  

Inflation in the U.K. has risen to its highest level since March, driven by an increase in fuel prices last month, official figures showed on Wednesday. Rate-setters had anticipated a pick-up in inflation when the central bank last cut rates in early November as price pressures eased earlier in the year — in September, inflation had fallen to its lowest …

UK inflation increase solidifies expectations interest rates will be kept on hold
6 days, 20 hours ago

UK inflation increase solidifies expectations interest rates will be kept on hold

Associated Press  

LONDON — Inflation in the U.K. rose to its highest level in eight months during November, official figures showed Wednesday, a development that has cemented market expectations that the Bank of England will opt against cutting borrowing costs this week. It said stubbornly high inflation in the crucial services sector, which accounts for around 80% of the U.K. economy, and …

Inflation rises AGAIN to its highest level since March: Price rises hit 2.6 per cent driven by spikes in the cost of petrol and fags to increase pressure on Chancellor Rachel Reeves
Trending News
6 days, 20 hours ago

Inflation rises AGAIN to its highest level since March: Price rises hit 2.6 per cent driven by spikes in the cost of petrol and fags to increase pressure on Chancellor Rachel Reeves

Daily Mail  

Inflation rose for the second month in a row in November, hitting 2.6 per cent to further increase pressure on Labour Chancellor Rachel Reeves over her Budget's impact on the country. Spikes in petrol and tobacco prices drove CPI to 2.6 per cent, up from 2.3 per cent in October, the Office for National Statistics said. Ms Reeves said: 'I …

Energy costs push UK inflation to 2.3 percent
1 month ago

Energy costs push UK inflation to 2.3 percent

China Daily  

Inflation in the United Kingdom increased to 2.3 percent in October, putting pressure on the Bank of England to wait until next year before making additional interest rate cuts. Figures released by the Office for National Statistics, or ONS, on Wednesday showed that surging household energy costs pushed the consumer price index higher, breaking the pattern of declining inflation rates …

UK inflation hits six-month high of 2.3% on high energy bills; BoE stresses on gradual rate cuts
1 month ago

UK inflation hits six-month high of 2.3% on high energy bills; BoE stresses on gradual rate cuts

Live Mint  

British inflation jumped by more than expected last month to rise back above the Bank of England's 2% target and underlying price growth gathered speed too, showing why the BoE is moving cautiously on interest rate cuts. Consumer prices rose by an annual 2.3% in October, pushed up almost entirely by an increase in regulated domestic energy tariffs, after a …

What rising inflation means for you: HUGO DUNCAN on why it dashes hopes of a Christmas Bank of England rate cut
1 month ago

What rising inflation means for you: HUGO DUNCAN on why it dashes hopes of a Christmas Bank of England rate cut

Daily Mail  

There will be no early Christmas present from the Bank of England. The jump in inflation announced today – from 1.7 per cent in September to 2.3 per cent in October – has dashed any lingering hopes of another interest rate cut this year. Inflation spiked to 2.3 per cent in October as fears grow over the impact of the …

Higher energy bills push UK inflation to 6-month high in October
1 month ago

Higher energy bills push UK inflation to 6-month high in October

Associated Press  

LONDON — Inflation in the U.K. rose sharply to a six-month high in October and back above the rate targeted by rate-setters at the Bank of England, official figures showed Wednesday, cementing market expectations that there will be no further cuts in borrowing costs this year. The Office for National Statistics said higher domestic energy bills pushed up consumer price …

Inflation set to rebound after jump in energy bills
1 month ago

Inflation set to rebound after jump in energy bills

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK inflation is expected to …

Inflation set to rebound after jump in energy bills
1 month ago

Inflation set to rebound after jump in energy bills

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK inflation is expected to …

All about the inflation spike: how, why & when
Trending News
1 month, 1 week ago

All about the inflation spike: how, why & when

Live Mint  

The consumer price index —or retail inflation—surged in October to 6.2%, breaching the Reserve Bank of India’s upper tolerance limit. Despite the RBI governor Shaktikanta Das’s warning of higher inflation in October, the 6.2% reading, which marks a 14-month high, came as a surprise. For the first time in 13 months, the inflation breached the 6% mark—the higher end of …

India’s retail inflation surges to 6.2% in October
1 month, 1 week ago

India’s retail inflation surges to 6.2% in October

The Hindu  

A 10.9% spike in food prices lifted India’s retail inflation to a 14-month high of 6.2% in October, from 5.5% in September, with prices of vegetables and edible oils escalating at a sharp pace not seen in recent years. October’s price rise pace marked a breach of the Reserve Bank of India’s upper tolerance limit for inflation, with rural India …

Interest rate cut ‘nailed on’ after UK inflation falls to three-year low
2 months, 1 week ago

Interest rate cut ‘nailed on’ after UK inflation falls to three-year low

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A fall in UK inflation …

Inflation steady – but chances of another rate cut are slim
3 months ago

Inflation steady – but chances of another rate cut are slim

The Independent  

Let’s start with the good news: August’s inflation number came in unchanged at 2.2 per cent. While that is higher than the Bank of England’s 2 per cent target, it is in line with City forecasts and beneath the 2.4 per cent the Bank itself had predicted at this stage. One thing to watch is the cost of services – …

Inflation climbs above Bank of England target in first rise of 2024
4 months, 1 week ago

Inflation climbs above Bank of England target in first rise of 2024

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation has risen for the …

Why the rise in inflation might actually be... good news
4 months, 1 week ago

Why the rise in inflation might actually be... good news

The Independent  

Inflation is up… and that’s, erm, good news. A small cut in the Bank rate from the current 5 per cent to, say, 4.75 per cent in September, October or November is slightly more likely now than it seemed yesterday. Prices overall on this definition rose by 3.3 per cent in the year to July 2024 – down from 3.5 …

UK inflation stays at 2% despite surge in hotel prices
5 months, 1 week ago

UK inflation stays at 2% despite surge in hotel prices

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation in the UK held …

UK inflation stays at 2% target in June, leaving rate cut on a 'knife edge'
5 months, 1 week ago

UK inflation stays at 2% target in June, leaving rate cut on a 'knife edge'

Hindustan Times  

Inflation in the U.K. held steady at the Bank of England's target rate of 2% in the year to June, official figures showed Wednesday, in a development that could be enough for policymakers to cut borrowing costs next month. Grocery price inflation fell to its lowest level since September 2021 in a further sign of easing cost pressures, ahead of …

31%: The surge in food prices irking voters in the UK election
5 months, 3 weeks ago

31%: The surge in food prices irking voters in the UK election

Al Jazeera  

The cost of living is a key issue in an election expected to end 14 years of Conservative Party governance. While inflation has finally returned to the central bank’s target of 2 percent after hitting double-digit highs in 2022 and 2023, people are still paying much more for essentials, including food, than they were just a few years ago. Food …

UK inflation rate back down to 2%
6 months ago

UK inflation rate back down to 2%

China Daily  

FILE PHOTO: A tourist shelters from the rain under an Union Jack umbrella near the Bank of England in the City of London financial district in London, Britain, February 13, 2024. The United Kingdom's ruling Conservative Party got some rare good news on Wednesday, when the country's inflation rate eased back down to the Bank of England's 2 percent target …

UK inflation at lowest level in 3 yrs
7 months ago

UK inflation at lowest level in 3 yrs

China Daily  

By Jonathan Powell in London | China Daily Global | Updated: 2024-05-23 02:55 Prices of food are displayed at the Borough Market as the UK inflation rates fall by less than expected in London, Britain on May 22. Inflation in the United Kingdom dropped from 3.2 percent in March to 2.3 percent in April, reaching its lowest level in almost …

Inflation is down – but good news for homeowners will have to wait
7 months ago

Inflation is down – but good news for homeowners will have to wait

The Independent  

Across the economy, price rises slowed significantly in April with the rate of inflation declining to 2.3 per cent from 3.2 per cent. Grant Fitzner, chief economist at the Office for National Statistics, also highlighted tobacco and food price inflation which fell to 2.9 per cent. Service prices have been worrying the Bank’s rate-setting Monetary Policy Committee which voted 7-2 …

Food inflation eases as price of meat, crumpets and chocolate biscuits fell last month, ONS says
8 months, 1 week ago

Food inflation eases as price of meat, crumpets and chocolate biscuits fell last month, ONS says

Daily Mail  

The pace of UK food inflation fell to the lowest annual rate since November 2021 in March, official figures from the Office for National Statistics show. Overall, prices for food and non-alcoholic drinks increased by 4 per cent in the year to March, down from 5 per cent in the year to February, the ONS said. The ONS data showed …

How the rate of inflation has changed for everyday items
8 months, 1 week ago

How the rate of inflation has changed for everyday items

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation fell to a fresh …

UK inflation falls to lowest level since late 2021 as food prices ease further
8 months, 1 week ago

UK inflation falls to lowest level since late 2021 as food prices ease further

Associated Press  

LONDON — Inflation in the U.K. fell to its lowest level in two and a half years in March after a further easing in food prices, official figures showed Wednesday, a development which could further pave the way for a welcome cut in interest rates soon. Inflation is set to fall further in April, possibly to below 2%, as a …

Battle for customers drives down UK shop inflation
8 months, 3 weeks ago

Battle for customers drives down UK shop inflation

China Daily  

Competition for customers between retailers has played a big part in shop price inflation in the United Kingdom falling to its lowest level in two years, newly published figures have revealed. Food inflation dropped from 5 percent to 3.7 percent, and non-food inflation plummeted down from 1.3 percent to 0.2 percent, as retailers battled to win over customers who have …

Inflation is falling fast – but will the Bank of England move to cut interest rates?
9 months ago

Inflation is falling fast – but will the Bank of England move to cut interest rates?

The Independent  

Some welcome news for consumers: inflation has once again fallen by more than expected. The headline number for February, per the Office for National Statistics, came in at 3.4 per cent – below both the consensus of the City and the Bank of England’s own forecast of 3.5. The CPI “all services” rate also declined to 6.1 per cent in …

What does the steep fall in inflation mean for UK households?
9 months ago

What does the steep fall in inflation mean for UK households?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Cash-strapped households have been given …

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year
9 months, 1 week ago

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year

Daily Mail  

President Biden today welcomed new inflation data despite it showing costs have risen 3.2 percent in the last year. Pictured: during a speech at a YMCA March 11, 2024 Inflation rose slightly to 3.2 percent in February as prices were pushed up by housing costs and gas The inflation figure plays a big part in the whether the Federal Reserve …

How inflation has hit your shopping basket
10 months, 1 week ago

How inflation has hit your shopping basket

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. A slowing of inflation among many everyday food and drink items, including cheese and …

Britain to suffer highest inflation in the G7 in 2024 and 2025, OECD
10 months, 2 weeks ago

Britain to suffer highest inflation in the G7 in 2024 and 2025, OECD

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. This verdict on their economic performance is yet more proof …

Which everyday items have seen a rise in inflation – and where has it eased?
11 months, 1 week ago

Which everyday items have seen a rise in inflation – and where has it eased?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Average prices for cigarettes increased by 15.7% in the …

Inflation ticks UP to 4% in December after rises in tobacco and alcohol prices in surprise blow to hopes of early interest rate cuts - as Jeremy Hunt warns Britain must 'stick to the plan'
11 months, 1 week ago

Inflation ticks UP to 4% in December after rises in tobacco and alcohol prices in surprise blow to hopes of early interest rate cuts - as Jeremy Hunt warns Britain must 'stick to the plan'

Daily Mail  

Jeremy Hunt warned that Britain must 'stick to the plan' today as a surprise bump in inflation spooked markets. The headline CPI rate defied expectations of a dip in December, rising from 3.9 per cent to 4 per cent Chancellor Jeremy Hunt said today that inflation 'does not fall in a straight line' The figures show CPI rising for the …

UK inflation falls by more than anticipated to 2-year low of 3.9% in November
1 year ago

UK inflation falls by more than anticipated to 2-year low of 3.9% in November

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Inflation in the U.K. as …

Acceleration foretold: On volatile food prices
1 year ago

Acceleration foretold: On volatile food prices

The Hindu  

November’s resurgence in headline retail inflation, while clearly not unexpected after the RBI just last week predicted a likely ‘uptick’, is a stark reminder of the risks volatile food prices pose. While the National Statistical Office’s provisional reading of headline inflation shows the Consumer Price Index rose by 5.55% year-on-year to a three-month high, from October’s 4.87%, food price gains …

Interest rates may need to rise again, warns Bank of England
1 year ago

Interest rates may need to rise again, warns Bank of England

The Telegraph  

Policymakers pushed back against any assumption of an imminent fall in the Bank’s base rate, warning that pay and services inflation – two key indicators of price pressures – “remained elevated”. The MPC said: “Inflation persistence remained higher than in other major advanced economies, possibly reflecting less favourable supply-side developments and stronger second-round effects in the UK.” Britain’s inflation rate, …

Inflation continues to moderate thanks to a big drop in gas prices
1 year ago

Inflation continues to moderate thanks to a big drop in gas prices

NPR  

Inflation continues to moderate thanks to a big drop in gas prices Enlarge this image toggle caption Frederic J. Brown/AFP via Getty Images Frederic J. Brown/AFP via Getty Images Falling gasoline prices helped keep a lid on inflation last month. A big reason for that is cooling gas prices, which dropped by 6% last month, helping to offset the rising …

Retail inflation eases to four-month low of 4.87%
1 year, 1 month ago

Retail inflation eases to four-month low of 4.87%

The Hindu  

India’s retail inflation pace eased to a four-month low of 4.87% in October from a tad over 5% in September, with the rise in vegetables prices easing to 2.7% from 3.4% even though overall consumer food price inflation remained virtually unchanged at 6.6%. The Reserve Bank of India, which expects inflation to average 5.6% between October and December, is unlikely …

Europe’s inflation eased to 2.9% in October thanks to lower fuel prices. But growth has vanished
1 year, 1 month ago

Europe’s inflation eased to 2.9% in October thanks to lower fuel prices. But growth has vanished

Associated Press  

FRANKFURT, Germany — The inflation that has been wearing on European consumers fell sharply to 2.9% in October, its lowest in more than two years as fuel prices fell and rapid interest rate hikes from the European Central Bank took hold. The lower inflation figure follows a rapid series of interest rate hikes by the European Central Bank. The future …

Inflation cooled to 5% in September
1 year, 2 months ago

Inflation cooled to 5% in September

The Hindu  

India’s retail inflation eased from 6.83% in August to 5.02% in September, breaking a two-month streak over the tolerance threshold of the Reserve Bank of India, with the rise in food prices easing to 6.6% from almost 10%. Rural inflation stood at 5.33% in September, compared to 7% in August, while the price rise faced by urban consumers moderated more …

Rising gas prices push up the rate of annual inflation to 3.7% - the second consecutive rise THIS YEAR - but experts insist interest rates will remain steady
1 year, 3 months ago

Rising gas prices push up the rate of annual inflation to 3.7% - the second consecutive rise THIS YEAR - but experts insist interest rates will remain steady

Daily Mail  

Inflation in the US has accelerated for a second consecutive month to a 3.7 percent annual rate - up from 3.2 percent in July. Inflation in the US has accelerated for a second consecutive month to a 3.7 percent annual rate - up from 3.2 percent in August Core inflation, which strips out volatile prices including food and energy and …

High gas prices push up inflation, but prices overall are slowly moving in the right direction
1 year, 3 months ago

High gas prices push up inflation, but prices overall are slowly moving in the right direction

Associated Press  

WASHINGTON — Inflation jumped last month largely because of a spike in gas prices but other costs rose more slowly, suggesting price pressures are easing at a gradual pace. Wednesday’s figures keep the prospect of another rate increase later this year on the table, however, perhaps at its November or December meetings, economists said, because core prices ticked up a …

Europe’s inflation held steady in August as European Central Bank keeps an open mind on rates
1 year, 3 months ago

Europe’s inflation held steady in August as European Central Bank keeps an open mind on rates

Associated Press  

FRANKFURT, Germany — Annual inflation held steady in Europe in August as food prices raced ahead of falling fuel costs, but there was no clarity about whether the European Central Bank will pause its record series of interest rate hikes. European Central Bank President Christine Lagarde has said that the interest rate decision at the Sept. 14 policy meeting will …

UK inflation falls to 17-month low of 6.8% but unlikely to derail another interest rate rise
1 year, 4 months ago

UK inflation falls to 17-month low of 6.8% but unlikely to derail another interest rate rise

Associated Press  

LONDON — The rate of inflation in the U.K. fell sharply in July to a 17-month low largely on the back of lower energy prices, official figures showed Wednesday, a welcome development for hard-pressed households struggling during the cost of living crisis. The Office for National Statistics said the annual rate of inflation, as measured by the consumer price index, …

Stubborn core inflation piles pressure on Bank of England
1 year, 4 months ago

Stubborn core inflation piles pressure on Bank of England

The Telegraph  

Matthew Corder, the ONS’s deputy director of prices, said: “Although remaining high, food price inflation has also eased again, particularly for milk, bread and cereal.” However, the price of other essentials keeps soaring. Russia’s recent decision to withdraw from a key Black Sea grain deal could put further upward pressure on food prices, according to economists. Changes in the energy …

A surge foretold: On inflation data
1 year, 4 months ago

A surge foretold: On inflation data

The Hindu  

The latest NSO data, showing retail inflation accelerating to a 15-month high, comes less than a week after the Reserve Bank of India left interest rates unchanged even as it warned of “a substantial increase in headline inflation” in the near term. The primary driver of this surge was the food price component, with the Consumer Food Price Index-based inflation …

Retail inflation surges to 7.44% in July
1 year, 4 months ago

Retail inflation surges to 7.44% in July

The Hindu  

Retail inflation resurged in July to hit 7.44% from 4.87% in June, with consumers facing a sharp 11.5% spike in food prices. Wholesale prices Wholesale prices remained in deflationary mode for the fourth month in a row in July, but prices of food and primary articles spiked by over 7.5%, narrowing the overall price dip sharply to -1.36% from the …

Inflation now driven by demands for higher wages, warn businesses
1 year, 5 months ago

Inflation now driven by demands for higher wages, warn businesses

The Telegraph  

Inflation is now being driven by higher wages as companies pass on rising salary costs to their customers, bosses have warned. The economy is slowing sharply, with the manufacturing sector shrinking and the dominant services industries running out of steam, according to the purchasing managers’ index, an influential survey from S&P Global. Price rises are slowing from last year’s highs …

UK homeowners get some respite as inflation falls by more than anticipated to a 15-month low
1 year, 5 months ago

UK homeowners get some respite as inflation falls by more than anticipated to a 15-month low

Associated Press  

LONDON — Inflation in the U.K. has fallen by more than anticipated to a 15-month low, official figures showed Wednesday, a development that offered struggling households hope that interest rates won’t rise as much as feared over the coming months. Although Dave Ramsden, deputy governor at the Bank of England, said inflation is still “much too high,” analysts said the …

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