United Kingdom: inflation remains at 2.0% in June over one year

17 July, 2019, 14:25 | Author: Regina Silva
  • Commuters cross London Bridge in central London

The largest offsetting upward contributions to change came from clothing and food.

These price rises were partly offset by lower motor fuels, as petrol prices fell by 0.1p per litre month on month, compared with a 2.7p month-on-month price rise in June 2018.

Across the country as a whole, house price inflation dipped from 1.5% in April to 1.2% in May, with the highest regional growth recorded in the north-west (3.4%) and the West Midlands (2.7%).

Though the figure means that price growth in the United Kingdom is still at the Bank of England's target, it will likely raise concerns that low unemployment and high wage growth in the United Kingdom have not yet translated into higher consumer spending.

The Office for National Statistics said the consumer prices index, including owner occupier's housing costs, was 1.9% in June, unchanged on the previous month. However, the DG of the Statistics Bureau (that year, in a bid to clear this economic mass-misunderstanding) explained the difference between inflation and a rise in prices of commodities. It is the lowest annual rate for the capital since August 2009, when it was -7.0%.

"If we continue to see prices rising slower than wages then consumers should be in a position where they can start to put any increase in disposable income into a savings pot".

"Governor Carney and his fellow rate-setters are unlikely to place too great a weight on this", said David Cheetham, chief market analyst at XTB.

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But he added: "With record employment, low interest rates, and good mortgage availability, buyers have a lot in their favour apart from the lack of political certainty".

Rupert Thompson, head of research at Kingswood, said: "News that wage growth has picked up to a 11-year high, along with the latest slide in the pound, will have increased the Bank's worries of a pick-up in inflation down the road".

The general rule-of-thumb is that a currency tends to fall when its issuing central bank cuts, or signals it intends to cut, interest rates.

The average United Kingdom house price stood at £229,000 in May.

"What's more, the recent pick-up in wage growth likely will loop back to CPI services inflation before long, given that it hasn't been countered by productivity gains".

The Bank of England has increasingly signalled that it may cut interest rates, with a member of the bank's rate-setting committee saying last week that he would vote to reduce the bank's benchmark 0.75% rate to near-zero levels in the event of a no-deal Brexit.

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