United Kingdom inflation jumps to five-year high

12 December, 2017, 18:18 | Author: Valerie Burke
  • The price of basics such as milk is rising rapidly
Simon Dawson  Bloomberg

Sterling got only a temporary boost on Tuesday from data showing British inflation unexpectedly almost hit a six-year high in November, with investors betting it would have little effect on how soon the Bank of England would raise interest rates again.

Inflation has delivered an unwelcome Christmas surprise for households, investors and the Bank of England as figures released today defy the consensus the United Kingdom consumer price index had peaked at 3 per cent.

The infrastructure group said its performance in 2017 remains in line with board expectations.

Sanlam UK head of portfolio management Charlie Parker says each client experiences individual rates of inflation and the price of luxury goods has risen far more in recent years than mainstream products.

Another report from ONS showed that output price inflation climbed to 3 percent in November from 2.8 percent in October.

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"Given Carney and colleagues raised interest rates last month, he'll also be able to point to the fact that, for once, he's doing something about it too". Inflation was last higher in March 2012. That's something that the Bank of England has indicated, too, in its quarterly economic projections. The rise in headline inflation was mainly due to three factors: increased vegetable and dairy prices, accommodation costs and unfavorable base effects.

Mr Carney had said that he expected inflation to peak in October or November.

The letter will be published alongside the BOE's policy decision in February, rather than this week, as the Monetary Policy Committee has already started its meetings for its December 14th announcement.

Aberdeen Standard Investments chief economist Lucy O'Carroll says the Bank of England has a "tricky tightrope to walk". The CPI in November 2017 saw a monthly growth of 1.1 per cent in comparision to October 2017, whereas Consumer Food Price Index rose 1.58 per cent. Given how dominant services are in the economy, this could feed through to inflation overall.



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