Economy

UK inflation rate rises to 2.7% in April

UK inflation rate rises to 2.7% in April

"The average annual rate of change of the Food sub-index for the 12-month period ending in April 2017 over the previous 12-month average was 17.11 per cent".

According to NBS, inflation drop to 17.24 percent (year-on-year) through slower pace in April, 0.02 percent point lower from the rate recorded in March (17.26) percent.

That meant pay, adjusted for inflation, fell by 0.2 per cent in the first three months of the year, the first fall since the third quarter of 2014.

"Rising prices for clothing, vehicle excise duty and electricity also contributed to the increase in the rate".

ING economist James Smith said the above-consensus rise will "test the patience of some of the Bank of England's hawks", but expects interest rates to remain on hold for the next two years.

Data released yesterday showed United Kingdom consumer price inflation picked up speed in April to hit 2.7% and many economists think it will reach 3% soon.

Inflation hit its highest level in almost four years last month as the Brexit-hit pound, electricity price hikes and rising air fares tightened the squeeze on consumer spending.

'For that reason, we don't fully buy into the Bank of England's latest signal that policy "could need to be tightened by a somewhat greater extent" than the path implied by markets, ' he added.

"The fact that wage growth is not keeping up with price inflation does not bode well for consumer spending - which has been a key factor contributing to United Kingdom economic growth in recent years", said Andrew Sentance, senior economic adviser at PwC.

Malaysia's headline inflation has likely peaked in March as retail pump prices continued to decline in May. Nomura expects headline CPI inflation to rise sharply to 5.5-6 per cent in the fourth quarter of 2017 and the first half of 2018, before stabilising around its steady state of around 5 per cent in the second half of 2018. On a month on month basis, the highest rise in prices were dominated by food items including coffee, tea and cocoa, potatoe, yam and tubers, bread and cereals, milk cheese and eggs and meat and fish.

Consumer price inflation (CPI) saw an overall slip of 2.99 per cent in April this year compared to 3.89 per cent in March.

Excluding bonuses, earnings rose by 2.1% year-on-year, the weakest increase since July of last year and below expectations for a 2.2% rise in a Reuters poll of economist.


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