14/10/2008
UK Inflation Rises To 5.2%
UK inflation has hit a new record of 5.2%, as a result of price hikes from energy firms, it has been announced.
Official figures show the Consumer Prices Index (CPI) - the Bank of England's official inflation benchmark - has reached a new record of 5.2% in September. The figures - released by the Office for National Statistics - are the highest since 1997 and a 16-year historical inflation peak.
In August consumer price inflation was 4.7%, up from 4.4% the previous month.
Increased food and energy prices have been blamed for bringing inflation beyond the government's 2% target.
The bank predicts inflation will remain above the 2% target set by the government, well into next year.
The government also faces handing out billions of pounds more in pensions and benefits, as the headline Retail Prices Index (RPI) reached 5%. The last time the RPI reached the same level as last month was in July 1991. It is commonly used to calculate pension increases for the coming year, and pensions usually increase by 2.5% or headline RPI, whichever is higher.
Last week the Bank of England cut interest rates from 5% to 4.5% in a co-ordinated worldwide move, saying the risks of inflation had shifted "decisively" to the downside.
Howard Archer, Chief UK and European Economist with Global Insight, said: "Prolonged very weak economic activity, faster rising unemployment and extended tight credit conditions will increasingly dilute underlying inflationary pressures.
"The recent marked retreat in oil and commodity prices will obviously help matters, along with favourable base effects. This should substantially outweigh the inflationary impact of the weaker pound."
(JM)
Official figures show the Consumer Prices Index (CPI) - the Bank of England's official inflation benchmark - has reached a new record of 5.2% in September. The figures - released by the Office for National Statistics - are the highest since 1997 and a 16-year historical inflation peak.
In August consumer price inflation was 4.7%, up from 4.4% the previous month.
Increased food and energy prices have been blamed for bringing inflation beyond the government's 2% target.
The bank predicts inflation will remain above the 2% target set by the government, well into next year.
The government also faces handing out billions of pounds more in pensions and benefits, as the headline Retail Prices Index (RPI) reached 5%. The last time the RPI reached the same level as last month was in July 1991. It is commonly used to calculate pension increases for the coming year, and pensions usually increase by 2.5% or headline RPI, whichever is higher.
Last week the Bank of England cut interest rates from 5% to 4.5% in a co-ordinated worldwide move, saying the risks of inflation had shifted "decisively" to the downside.
Howard Archer, Chief UK and European Economist with Global Insight, said: "Prolonged very weak economic activity, faster rising unemployment and extended tight credit conditions will increasingly dilute underlying inflationary pressures.
"The recent marked retreat in oil and commodity prices will obviously help matters, along with favourable base effects. This should substantially outweigh the inflationary impact of the weaker pound."
(JM)
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13 August 2007
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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
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.
16 January 2006
House price inflation rises slightly
House price inflation has risen by 0.8% from 1.8% in October to 2.5% in November, the latest figures produced by the Office of the Deputy Prime Minister (ODPM) have revealed. The rise in UK prices between October and November was attributed to rises in average prices for all types of houses.
House price inflation rises slightly
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12 December 2005
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
12 September 2005
House price rise slowdown continues
Annual house price inflation in July was 4%, down from 5% in June according to figures released today by the Deputy Prime Minister's office. This drop in the growth of house prices pushed the annual house price inflation in London down to 0.9% in July 2005, a fall from the from 1.7% figure in June 2005.
House price rise slowdown continues
Annual house price inflation in July was 4%, down from 5% in June according to figures released today by the Deputy Prime Minister's office. This drop in the growth of house prices pushed the annual house price inflation in London down to 0.9% in July 2005, a fall from the from 1.7% figure in June 2005.
13 June 2005
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.
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