Monday, 20 November, 2017

Inflation steady as lower air fares offset higher food and clothing prices

Office for National Statistics Office for National Statistics
Sammy Stanley | 13 April, 2017, 00:50

In February, it fell 0.2% from the month before.

In an earlier statement, FXTM analyst Lukman Otunuga said an interannual hike of one per cent or more would have been a huge stimulus, showing a recovery in demand, and boosting growth and confidence in the health of the national economy.

Food inflation was 7.3 percent in March compared with 7.1 percent in February, while non-food inflation was 15.6 percent last month compared with 16.4 percent the month before, deputy government statistician Baah Wadieh told a news conference.

The ONS data showed food prices rose by an annual 1.2 per cent in March, their biggest increase in three years.

United Kingdom inflation remained at 2.3% in March, unchanged from February and the second month inflation has surpassed the Bank of England's 2% target, according to statstics from the ONS.

"This could be partly due to the supermarket price wars in the United Kingdom over this period which resulted in a downward pressure on food prices".

Wage growth has slipped below the rate of inflation, a development that threatens damage to living standards and the wider economy through an erosion of household spending power.

Ulster Bank's chief regional economist Richard Ramsey says the figures indicate that consumers in the north are experiencing the ideal storm of a simultaneous rise in the prices of food, petrol and gas/electricity bills for the first time since August 2013.

Adjusted for inflation, regular wages in the December-February period grew by only 0.1%, the slowest pace of growth since mid-2014, the Office for National Statistics said. The slowdown may already be happening, with the increase in employment in the latest period falling well short of forecasts.

Despite the ONS data, according to figures from MySupermarket.com, grocers have been focusing price increases on certain non-food items less likely to be noticed by customers while leaving staples such as milk unchanged.

Still-modest consumer inflation and moderating producer prices will give policymakers at the People's Bank of China (PBoC) room to continue with their campaign to reduce risks in the financial system after years of debt-fueled stimulus.

The inflation for clothing and footwear increased to 4.60% in March 2017, while the CPI inflation of fuel and light surged to 5.56% in March 2017.

The figures highlight a potential drag on the U.K.'s economic growth just as it begins to negotiate its exit from the European Union, expected to last at least two years. After Britain's economy withstood the initial shock of the Brexit vote past year, economists have reined in their forecasts for how much unemployment is likely to rise.

Unemployment improved with 39,000 more people in work in the period to the end of February, though the headline unemployment rate remained at 4.7%.

Recommended

  • China deploys 150000 troops to North Korean border

    China deploys 150000 troops to North Korean border

    Pyongyang, meanwhile, warned of "catastrophic consequences" if Washington tried to follow up its Syria attack in North Korea. The country has too many facilities spread out over too much terrain to destroy simultaneously.

    US vows to keep up pressure on Syria after missile strikes

    But Mr Spicer also reiterated that the USA role in the country remained to "defeat Isis", ahead of removing Assad from power. Slack said he saw "no long term future" for Assad in Syria.
    Boston Red Sox (3-2, plus-3)

    Boston Red Sox (3-2, plus-3)

    With Bradley out, the Sox will easily plug fourth outfielder Chris Young into left and move Andrew Benintendi to center. Bradley sprained his knee as a result of losing his footing while rounding first base in the ninth inning on Saturday.
  • Morning Consult Poll: Chris Christie Most Unpopular Gov in Nation

    Morning Consult Poll: Chris Christie Most Unpopular Gov in Nation

    Morning Consult interviewed 85,000 registered voters nationally between January and March for the survey. They both held a 66 percent disapproval rating, although Brownback has a slightly lower approval rating.
    Surprise Nintendo Direct Coming on April 12

    Surprise Nintendo Direct Coming on April 12

    I hope Nintendo discusses its plans for future Switch games because I'm actually dying from the lack of quality titles. It's not all that surprising to hear Switch's limited hardware performance is turning away some developers.
    Tony Adams named new Granada boss

    Tony Adams named new Granada boss

    Granada face Celta Vigo at the weekend, then games with Sevilla, Malaga, Real Socieded before hosting the might of Real Madrid. Adams takes over from Lucas Alcaraz, who was sacked on Monday after Granada fell to a 3-1 home defeat to Valencia.
  • Fitbit is having trouble making a smartwatch

    Fitbit is having trouble making a smartwatch

    In one of the more final prototypes, the Global Positioning System wasn't working because the antennae wasn't in the right place. You might have to wait for a while before you get to try out Fitbit's first smartwatch which is reportedly in the works.
    1 killed, several hurt in explosion in Turkey

    1 killed, several hurt in explosion in Turkey

    Security forces say ambulances have been sent to the area and that the cause of the blast is not immediately clear. One fix worker, who was trapped beneath the debris, later died in hospital, the Diyarbakir governor's office said.
    Five S Koreans killed in Canada snow slide

    Five S Koreans killed in Canada snow slide

    No information about the identities of the missing snowshoers is being released until all the family members have been notified. He descended and phoned 911. "You need to have the person found and who knew if they could even go up today", he said on Monday.
  • Heat beat Cavs in OT

    Heat beat Cavs in OT

    There remains a possibility that point guard Kyrie Irving will suit up after missing Monday night's game against the Miami Heat . The 32-year-old James has not played in the last regular-season game since 2007.

    Romo's honorary Mav day turns spectacle for final home game

    But it will be remarkable because the game will serve as a tribute to Romo from a group of Mavs folks with whom he's grown close. He came out for a team photo during shootaround in a No. 9 jersey, and then spent much of the session playing with his son.
    Prince George, Princess Charlotte will have starring roles at Pippa's wedding

    Prince George, Princess Charlotte will have starring roles at Pippa's wedding

    Kensington Palace has avoided commenting on other details of the nuptials because Pippa Middleton is not a royal, the report said. In March, Kate attended her sister's bachelorette weekend in the French Alps, where the party skied the slopes of Meribel.

David Letterman's mom dies at 95 David Letterman's mom dies at 95 She proudly showcased her hotel soaps, described the Northern Lights and asked the locals if they had heard of David Letterman . She lost her spouse in 1973 after a heart attack and went on to Wednesday Hans Mengering, a World War Two veteran.

'Daily Show's' Hasan Minhaj to star at Correspondents Dinner 'Daily Show's' Hasan Minhaj to star at Correspondents Dinner But the WHCD organizers aren't giving up the ship, even though there's an adjacent event that sounds pretty awesome. Minhaj, however, a relatively unknown figure, has made a habit of hitting Donald Trump with personal insults.

Strike group heads to Korean Peninsula Strike group heads to Korean Peninsula Navy's Carl Vinson strike group received orders on Sunday to cancel a planned Australia trip and redirect to Korean waters. North Korea, meanwhile, has continued to cite supposed American aggression as the reason for its nuclear developments.