{"id":4353,"date":"2018-11-14T10:20:32","date_gmt":"2018-11-14T10:20:32","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/uk-inflation-holds-steady-at-2-4-in-october\/"},"modified":"2018-11-14T10:20:32","modified_gmt":"2018-11-14T10:20:32","slug":"uk-inflation-holds-steady-at-2-4-in-october","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/uk-inflation-holds-steady-at-2-4-in-october\/","title":{"rendered":"UK inflation holds steady at 2.4% in October"},"content":{"rendered":"\n
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\"BoroughImage copyright<\/span>
\n Getty Images<\/span><\/p>\n

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Image caption<\/span>
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\n Prices of food fell during October
\n <\/span>
\n <\/figcaption><\/figure>\n

The UK inflation rate remained steady at 2.4% in October, confounding analyst expectations of a rise to 2.5%.<\/p>\n

The Consumer Prices Index (CPI) figure included falls in food and clothing costs, but rising utility bills and petrol prices, said the ONS.<\/p>\n

The inflation figure comes a day after data showed that wages were rising by 3.2%<\/a> – the fastest pace in nearly a decade.<\/p>\n

Core inflation also held steady at 1.9% in October.<\/p>\n

That figure strips out the out the effects of energy, food, alcohol and tobacco prices.<\/p>\n

<\/p>\n

<\/span><\/p>\n<\/figure>\n

Has inflation peaked?<\/h2>\n

Inflation hit a five-year high of 3.1% in November 2017, as the inflationary effect of sterling’s decline after the June 2016 Brexit vote hit its peak.<\/p>\n

However, it is still above the Bank of England’s 2% target.<\/p>\n

The ONS’s head of inflation, Michael Hardie, said: “Prices paid by consumers continued to rise at a steady rate, with falls in food and clothing offset by rising utility bills and petrol, as crude [oil] prices continued to rise.”<\/p>\n

The Bank of England expects inflation will drift lower, but expects to have to raise interest rates in coming years to keep inflation at or near its target figure.<\/p>\n

How have manufacturers coped?<\/h2>\n

Looking at the latest date, for manufacturers, the cost of raw materials was 10% higher than in October 2017. <\/p>\n

And manufacturers increased the prices they charged by 3.3% year-on-year compared with 3.1% the previous month.<\/p>\n

<\/p>\n

<\/span><\/p>\n<\/figure>\n

How have house prices been affected?<\/h2>\n

The ONS said house prices in September rose by an annual 3.5% against 3.1% in August. <\/p>\n

But prices in London fell for a third month running, down by 0.3%.<\/p>\n

Is there a Brexit factor?<\/h2>\n

According to Laith Khalaf, senior analyst at Hargreaves Lansdown: “Brexit is still the elephant in the room when it comes to the future path of inflation, and consequently of monetary policy. <\/p>\n

“That’s because the pound now waxes and wanes with the Brexit negotiations, and that has a big impact on how much UK consumers pay for imported goods.”<\/p>\n<\/p><\/div>\n


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Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty Images Image caption Prices of food fell during October The UK inflation rate remained steady at 2.4% in October, confounding analyst expectations of a rise to 2.5%. The Consumer Prices Index (CPI) figure included falls in food and clothing costs, but rising utility bills and petrol prices, said the ONS. The inflation … <\/p>\n","protected":false},"author":0,"featured_media":4354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4353"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/4354"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}