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Financial News: UK Inflation Accelerates More Than Expected

UK Inflation Accelerates More Than Expected

05/19/2021 - 02:25:00 (RTTNews)

(RTTNews) - UK consumer price inflation accelerated more than expected in April on higher household utility and fuel prices, the Office for National Statistics said on Wednesday.

Consumer prices advanced 1.5 percent year-on-year in April, more than double the March's 0.7 percent increase. Prices were forecast to gain 1.4 percent.

On a monthly basis, consumer price growth increased to 0.6 percent from 0.3 percent in March and in line with economists' expectations.

Excluding volatile energy, food, alcoholic beverages and tobacco prices, core inflation rose moderately to 1.3 percent from 1.1 percent a month ago. The annual rate also matched economists' forecast.

Another report from ONS showed that output price inflation climbed to 3.9 percent in April from 2.3 percent a month ago. The expected rate was 3.5 percent.

Month-on-month, output price inflation doubled to 0.4 percent, as expected, from 0.8 percent.

At the same time, input prices grew 9.9 percent on year, following a 6.4 percent rise in the prior month. On a monthly basis, input prices gained 1.2 percent versus a 1.9 percent rise in March.

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