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13/07/2004
Leisure products price rises boost inflation by 0.1%
UK inflation rose by 0.1% to 1.6% in June buoyed largely by prices on recreation and culture products, according to the Office of National Statistics (ONS).
Upward trend of the Consumer Prices Index (CPI) - the government's target measure of inflation – largely reflected at rise in prices of products, including toys, computer games and, to a lesser extent, pre-recorded DVDs, televisions and personal computers.
There was also an "upward effect" from advance booked foreign holidays where the cost of June holidays increased to a range of destinations this year but fell a year ago, the ONS said. Upward effects also came from furniture and carpets, where there were fewer special offers and more widespread price recoveries than a year ago, and from transport, where petrol prices fell back slightly after recent rises, but by less than last year.
A small downward effect on CPI inflation came from second hand car prices which fell this year but were unchanged a year ago. Further downward effects came from reduced charges for foreign exchange, and from price changes for fruit, especially strawberries, and meat.
Retail Price Index (RPI) inflation also increased, to 3% in June from 2.8% per cent in May. This was mainly due to mortgage interest payments (not included in the CPI) which rose this year, as lenders passed on May's quarter point increase in the base rate to borrowers.
As an internationally comparable measure of inflation, the CPI shows that the UK inflation rate has been among the lowest in the EU since the start of 2000. The average inflation rate for the enlarged EU 25 for May, the latest available, was 2.3% compared with 1.5%.
Both the CPI and the RPI are compiled each month based on a selection of more than 650 separate goods and services for which price movements are measured in around 150 areas throughout the UK. Around 120,000 separate price quotations are used each month to compile the indices.
The government's target for the inflation rate is 2% - based on the CPI measure.
(gmcg)
Upward trend of the Consumer Prices Index (CPI) - the government's target measure of inflation – largely reflected at rise in prices of products, including toys, computer games and, to a lesser extent, pre-recorded DVDs, televisions and personal computers.
There was also an "upward effect" from advance booked foreign holidays where the cost of June holidays increased to a range of destinations this year but fell a year ago, the ONS said. Upward effects also came from furniture and carpets, where there were fewer special offers and more widespread price recoveries than a year ago, and from transport, where petrol prices fell back slightly after recent rises, but by less than last year.
A small downward effect on CPI inflation came from second hand car prices which fell this year but were unchanged a year ago. Further downward effects came from reduced charges for foreign exchange, and from price changes for fruit, especially strawberries, and meat.
Retail Price Index (RPI) inflation also increased, to 3% in June from 2.8% per cent in May. This was mainly due to mortgage interest payments (not included in the CPI) which rose this year, as lenders passed on May's quarter point increase in the base rate to borrowers.
As an internationally comparable measure of inflation, the CPI shows that the UK inflation rate has been among the lowest in the EU since the start of 2000. The average inflation rate for the enlarged EU 25 for May, the latest available, was 2.3% compared with 1.5%.
Both the CPI and the RPI are compiled each month based on a selection of more than 650 separate goods and services for which price movements are measured in around 150 areas throughout the UK. Around 120,000 separate price quotations are used each month to compile the indices.
The government's target for the inflation rate is 2% - based on the CPI measure.
(gmcg)
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Northern Ireland WeatherToday:Dry, bright start this morning with best of sunshine in the west. Thickening cloud over Down and Antrim this morning with a few showers, extending westwards this afternoon. Lighter winds. Maximum temperature 16 °C.Tonight:Rather cloudy and mainly dry at first, then showery outbreaks of rain extending westwards to most places during the night, turning heavier towards morning. Light winds. Minimum temperature 8 °C.
