Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UK inflation unexpectedly surges to 17-month high in April

Published 05/18/2010, 04:31 AM
Updated 05/18/2010, 04:35 AM

LONDON, May 18 (Reuters) - Britain's inflation rate jumped more than expected in April to hit a 17-month high, driven by big rises in tax on alcohol and tobacco, as well as women's clothing and food prices, official data showed on Tuesday.

The Office for National Statistics said consumer prices rose by an annual 3.7 percent last month compared to 3.4 percent in March, above economists' expectations of an increase to 3.5 percent.

The Bank of England will now have to write to new Conservative finance minister George Osborne explaining why inflation is still more than 1 percentage point above the government's 2 percent target, as inflation has not eased significantly in the three months since the BoE last wrote.

Nonetheless, most economists and the central bank expect higher inflation to be transitory, as one-off effects are gradually outweighed by weak growth and high unemployment, which limit the ability of firms and workers to raise prices and wages.

Britain's annual Budget fell a month earlier in 2010 than in 2009, bringing forward annual rises in tax on alcohol and tobacco, which accounted for a third of the increase in the annual rate of CPI between March and April.

Higher prices for food and for clothing and footwear both also contributed a similar amount to the increase in the CPI rate from March to April.

On the month, consumer price inflation rose by 0.6 percent.

The retail price inflation gauge rose to 5.3 percent from 4.4 percent, versus forecasts for a rise to 4.9 percent, the highest since July 1991. That was largely driven by base effects after the sharp fall in mortgage interest rates in 2009 was not repeated in 2010.

RPI includes more housing costs than CPI, which matches the European Union Harmonised Index of Consumer Prices (HICP), and is used to index many social security payments and some wages.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.