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Financial News: UK Inflation Accelerates More Than Forecast

UK Inflation Accelerates More Than Forecast

09/12/2017 - 05:07:00 (RTTNews)

(RTTNews) - British consumer price inflation accelerated at a faster-than-expected pace in August, the Office for National Statistics said Tuesday.

Consumer prices climbed 2.9 percent year-over-year in August, faster than the 2.6 percent rise in July. The annual growth was forecast to increase to 2.8 percent.

Excluding energy, food, alcoholic beverages and tobacco, core inflation rose to 2.7 percent in August from 2.4 percent in the prior month.

On a monthly basis, consumer prices grew 0.6 percent in August, just above the 0.5 percent gain expected by economists.

The consumer price index including owner occupiers' housing costs 12-month inflation rate was 2.7 percent in August, up from 2.6 percent in July. Another report from ONS showed that output price inflation accelerated for the first time in six months in August.

Output prices climbed 3.4 percent yearly, faster than the 3.2 percent increase in July. Meanwhile, inflation was expected to ease to 3.1 percent. On month, output prices rose 0.4 percent from July, when it edged up by 0.1 percent.

Input price inflation quickened to 7.6 percent in August from 6.2 percent in the preceding month.

Month-on-month, input prices went up 1.6 percent in August, reversing a 0.2 percent drop in July. It was the first increase in six months.

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