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18/10/2011
UK Inflation Now At 5.2%
The cost of living continues to rise as UK inflation reaches its highest level since the credit slump began, topping 5.2%.
The Consumer Price Index (CPI), which tracks the prices of UK goods and services, was already more than double its target rate of 2% in August, but jumped in September by more that the worst expectations.
The rate of 5.2% has never been higher since official CPI records began in January 1997.
According to the Office for National Statistics, prices were pushed up by gas and electricity prices where average bills rose this year by 13% and 7.5% respectively between August and September.
Transport was also a big contributor, where prices overall decreased by 2.1% between August and September this year compared to a fall of 3.4% a year ago.
The largest upward effect came from air transport where fares always fall between August and September following the peak summer holiday season, however the fall of 21.2% this year was less than the decrease of 27.8% a year ago.
Last week figures from Eurostat, the statistical office of the European Union, revealed that annual inflation in the Eurozone was 3.0% in September 2011, up from 2.5% in August.
However, according to thisismoney.co.uk, the data is good news for those on pensions and benefits.
The September CPI is used to determine next April's rise in the basic state pension, which will mean the weekly pension will rise by £5.31 a week to £107.46.
"However, as pensioners tend to be disproportionately affected by rises in the average rate of inflation, they will not necessarily see any improvement in their standard of living," the website said.
Despite the rise in benefits and pensions, this year is the first time CPI is used to calculate their rise. Earlier this year, the government controversially decided use CPI instead of the retail prices index (RPI) rate of inflation, which scaled 5.6% in September, its highest rate in 20 years, and would have seen even better increases for the elderly and benefit claimants.
(DW/BMcC)
The Consumer Price Index (CPI), which tracks the prices of UK goods and services, was already more than double its target rate of 2% in August, but jumped in September by more that the worst expectations.
The rate of 5.2% has never been higher since official CPI records began in January 1997.
According to the Office for National Statistics, prices were pushed up by gas and electricity prices where average bills rose this year by 13% and 7.5% respectively between August and September.
Transport was also a big contributor, where prices overall decreased by 2.1% between August and September this year compared to a fall of 3.4% a year ago.
The largest upward effect came from air transport where fares always fall between August and September following the peak summer holiday season, however the fall of 21.2% this year was less than the decrease of 27.8% a year ago.
Last week figures from Eurostat, the statistical office of the European Union, revealed that annual inflation in the Eurozone was 3.0% in September 2011, up from 2.5% in August.
However, according to thisismoney.co.uk, the data is good news for those on pensions and benefits.
The September CPI is used to determine next April's rise in the basic state pension, which will mean the weekly pension will rise by £5.31 a week to £107.46.
"However, as pensioners tend to be disproportionately affected by rises in the average rate of inflation, they will not necessarily see any improvement in their standard of living," the website said.
Despite the rise in benefits and pensions, this year is the first time CPI is used to calculate their rise. Earlier this year, the government controversially decided use CPI instead of the retail prices index (RPI) rate of inflation, which scaled 5.6% in September, its highest rate in 20 years, and would have seen even better increases for the elderly and benefit claimants.
(DW/BMcC)
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UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
House Prices Rise By 12% In June
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Drop in cost of travelling drives inflation rate down
Inflation fell by 0.2% to 1.3% in September due in part to reductions in the cost of transport services, the Office of National Statistics (ONS) has said. The ONS said that the seasonal price drop in both air and sea fares from high summer levels drove inflation down as, in both cases, the reductions were greater than last year's.
Drop in cost of travelling drives inflation rate down
Inflation fell by 0.2% to 1.3% in September due in part to reductions in the cost of transport services, the Office of National Statistics (ONS) has said. The ONS said that the seasonal price drop in both air and sea fares from high summer levels drove inflation down as, in both cases, the reductions were greater than last year's.
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E.ON Increase Prices
E.ON has today announced that it will increase its prices by 11.4% for electricity and 18.1% for gas, with dual fuel customers seeing a rise of 15.2%, effective from 13th September.
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