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Financial News: UK Inflation At 4-Month High

UK Inflation At 4-Month High

08/19/2020 - 02:32:00 (RTTNews)

(RTTNews) - UK consumer price inflation rose to a four-month high in July on clothing and petrol prices, data from the Office for National Statistics showed Wednesday.

Consumer price inflation rose to 1 percent in July, while the rate was forecast to remain unchanged at 0.6 percent. On a monthly basis, consumer prices gained unexpectedly by 0.4 percent, faster than the 0.1 percent rise in June. Prices were forecast to drop 0.1 percent.

Clothing, rising prices at the petrol pump, and furniture and household goods made large upward contributions.

Core inflation that excludes costs of energy, food, alcoholic beverages and tobacco, accelerated to 1.8 percent from 1.4 percent in June.

Another report from ONS showed that output prices fell 0.9 percent annually in July, the same rate of decline as seen in June and in line with economists' expectations.

Month-on-month, output prices gained again by 0.3 percent as expected in July.

At the same time, the annual fall in input prices slowed to 5.7 percent from 6.7 percent in June. Prices were expected to drop 6.1 percent.

On a monthly basis, input prices advanced 1.8 percent, slower than the 3 percent rise in June but faster than economists' forecast of 1.1 percent.

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