British inflation steadies at five-year high in October

15 November, 2017, 02:03 | Author: Sheri Evans
  • With spike in food, vegetable prices, retail inflation hits seven-month high

The consumer prices index held steady at three per cent in October, figures by the Office for National Statistics (ONS) showed, after rising by its most in more than five years in September.

"We don't expect that the rise in inflation rate is sustainable; the average inflation should remain below 4 per cent for the current financial year".

Higher inflation was also noted in protein rich items like oils and fats, eggs, and milk (and its products).

Prices of pulses continued to decline by as much as 23.13 per cent.

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Separately on Tuesday, data from research group Kantar showed that United Kingdom grocery price inflation for the quarter ending November 5 stood at 3.4 percent, the highest level in four years. It was lower by 22.51 per cent in September.

The prices of food products, which have the highest weightage in the product basket that determines the inflation number, grew 2.26 per cent. Crucial services such as education, healthcare, personal care, etc have seen an inflation of 3.48 per cent.

The absence of another rate rise in the coming months would ease the pressure on households, which are seeing wages growth failing to keep pace with high inflation.

Commenting on the Reserve Bank of India's (RBI) expected reaction to the inflation numbers released before its monetary policy review meet on December 6, Jaikishan J. Parmar, Research Analyst at Angel Broking, said: "Firstly, the CPI inflation is still well within the RBI comfort zone of 4 per cent".

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During the 23rd Goods and Services Tax (GST) council meeting, tax rates were lowered for 213 items.

Soumya Kanti Ghosh, Group Chief Economic Adviser of the State Bank of India, said in the SBI Ecoflash report: "Compared to September 17, the increase in food, fuel and housing prices contributed to the increase in overall inflation".

The government is releasing consumer price inflation data since January 2012 based on combined data for rural and urban consumers.

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