UK Inflation Highest In 8 Months

RTTNews | 11小时29分钟前
UK Inflation Highest In 8 Months

(RTTNews) - UK consumer price inflation accelerated to an eight-month high in November, reinforcing the chances of the Bank of England deciding to keep the interest rate unchanged on Thursday.

The consumer price index rose 2.6 percent year-on-year following a 2.3 percent gain in October, the Office for National Statistics reported Wednesday. The rate matched expectations and it remained above the 2 percent target for the second straight month.

Core inflation, which excludes prices of energy, food, alcohol and tobacco, advanced to 3.5 percent from 3.3 percent. This was slightly below forecast of 3.6 percent.

The CPI goods rose 0.4 percent on year, reversing a 0.3 percent fall. Meanwhile, services inflation, which is closely watched by policymakers for signs of lingering price pressures, held steady at 5.0 percent.

Monthly inflation softened to 0.1 percent, in line with expectations, from 0.6 percent in the previous month.

In November, the Bank of England had reduced its benchmark rate for the second time this year citing the continued progress in disinflation.

The bank rate currently stands at 4.75 percent. The central bank is widely expected to maintain status quo on December 19.

Today's data means the BoE will stay the course at this week's meeting, ING economist James Smith said. The bank will keep rates on hold and offer no major hints on what will come next, beyond re-affirming its commitment to gradual cuts, the economist added.

Inflation figures coming on the back of the stronger-than-expected rise in wage growth indicate that there is almost no chance of the BoE delivering an early Christmas present of another interest rate cut tomorrow, Capital Economics' economist Paul Dales said.

Separate data from the ONS showed that factory gate prices declined 0.6 percent annually, following a revised 0.9 percent drop in October. The annual fall in input prices slowed to 1.9 percent from 2.4 percent. Monthly input prices were unchanged in November following a 0.1 percent gain. At the same time, output prices rose 0.3 percent after a revised 0.1 percent decrease.

read more
UK Wage Growth Suggests Gradual Interest Rate Cuts

UK Wage Growth Suggests Gradual Interest Rate Cuts

The UK wage growth accelerated more than expected in the three months to October supporting a case for more gradual interest rate reductions next year as pay increases could revive inflationary pressures. Excluding bonus, annual growth in average earnings came in at 5.2 percent compared to 4.9 percent in the three months to September, the Office for National Statistics said Tuesday.
RTTNews | 1天前
UK Private Sector Logs Steady Growth

UK Private Sector Logs Steady Growth

The UK private sector logged a steady growth in December with rising activity across the services economy offsetting an accelerated downturn in manufacturing output, flash survey results from S&P Global showed on Monday. The flash composite output index posted 50.5 in December, unchanged from November's 13-month low.
RTTNews | 2天前
UK Economy Shrinks In October

UK Economy Shrinks In October

The UK economy contracted marginally for the second straight month in October largely reflecting the fall in industrial production, official data revealed Friday. Real gross domestic product shrank unexpectedly 0.1 percent in October, the same pace of decline as in September, the Office for National Statistics reported. GDP was forecast to grow 0.1 percent.
RTTNews | 5天前
UK Halifax House Price Growth Accelerates

UK Halifax House Price Growth Accelerates

UK house prices growth accelerated unexpectedly in November as easing mortgage rates boosted buyer confidence, mortgage lender Halifax said Friday. House prices grew at a pace of 1.3 percent month-on-month, while the rate was forecast to slow to 0.3 percent from 0.4 percent in October. Moreover, prices increased for the fifth month in a row and marked the strongest growth so far this year.
RTTNews | 12天前
UK Nationwide House Price Inflation At 2 Year High

UK Nationwide House Price Inflation At 2 Year High

UK house prices increased at the fastest pace in two years in November underpinned by low unemployment and strong income gains, data from the Nationwide Building Society showed on Monday. House prices grew 3.7 percent on a yearly basis in November after rising 2.4 percent in October. This was the strongest growth since November 2022 and also exceeded the expected growth of 2.4 percent.
RTTNews | 16天前
UK Mortgage Approvals At More Than 2 Year High

UK Mortgage Approvals At More Than 2 Year High

UK mortgage approvals increased to the highest level in more than two years in October as falling interest rates boosted housing market activity but consumers became more cautious about borrowing and saving ahead of the Autumn Budget. Mortgage approvals for house purchases, an indicator of future borrowing, increased to 68,303 in October from 66,115 in the prior month, the Bank of England report
RTTNews | 19天前
UK Shop Price Deflation Slows: BRC

UK Shop Price Deflation Slows: BRC

UK shop prices dropped at a slower pace in November, signalling that shoppers are set to face rising price pressures, the British Retail Consortium revealed on Tuesday. The shop price index declined 0.6 percent on a yearly basis in November, slower than October's 0.8 percent decrease. Food price inflation softened to 1.8 percent from 1.9 percent in October.
RTTNews | 22天前
UK Retail Sales Fall More Than Expected

UK Retail Sales Fall More Than Expected

UK retail sales declined more than expected in October as consumers reduced their spending on food and clothing, data released by the Office for National Statistics showed on Friday. Retail sales dropped 0.7 percent on a monthly basis in October, in contrast to the revised 0.1 percent rise in September. Sales were expected to fall 0.3 percent.
RTTNews | 26天前