London CNN —
UK inflation fell back below 10% in April, but not as sharply as economists expected, and one of the key price indicators rose further, reaching a 31-year high.
Consumer prices rose 8.7 per cent last month from the same month last year, down from 10.1 per cent in March, the National Statistical Office said Wednesday. According to a Reuters poll, economists predicted an annual growth rate of 8.2%.
Grant Fitzner, chief economist at ONS, said in a statement that the inflation rate fell noticeably as last year’s big energy price hikes did not repeat this April, but were partially offset by higher used car and cigarette prices.
In general, however, prices remain considerably higher than at this time last year, and annual food price inflation is close to historical highs.
Food prices rose 19.1% in April, slightly down from 19.2% in March, a 45-year high.
Core inflation, excluding unstable food and energy costs, rose to 6.8%, the highest level since 1992, up from 6.2% in March. Economists say the rise in core inflation, a metric the Bank of England is closely monitoring, has raised the possibility of another rate hike in June.
The UK’s stubbornly high inflation is a major drag on the UK economy as it drives up the cost of everyday goods and services, dampening consumption. At the same time, rising interest rates to combat inflation make loans and mortgages more expensive, further straining business and consumer spending.
The International Monetary Fund on Tuesday warned the UK could face higher inflation for a longer period as businesses keep prices high and workers demand pay rises to compensate for the risks highlighted by rising core inflation.
inflation [Bank of England] Paul Dales, chief UK economist at Capital Economics, said in a research note on Wednesday that the central bank would likely raise interest rates from 4.5 per cent to 4.75 per cent in June.
Martin Beck, chief economic adviser for the EY ITEM club, said inflation would still fall rapidly for the rest of the year as lower wholesale energy prices from July would impact household bills.
The indirect impact of energy prices on business costs means that lower gas and electricity prices in turn contribute to lower core inflation. But strong wage growth is likely to keep service inflation high throughout the year, he added.
The International Monetary Fund said on Tuesday that it expects the UK economy to grow 0.4 per cent in 2023, raising its forecast for April by 0.7 percentage points. However, it warned that high inflation is still a significant risk to the UK economy. Headline inflation is only expected to return to the Bank of England’s 2% target by mid-2025.
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]
- Everyday chemicals linked to increased cancer risk, especially in women
- Honour killings: ‘If my parents found me, they could kill me’ – BBC News
- How life is changing for Italy’s gay families – BBC News
- New immunology study highlights importance of COVID vaccination of those who have already been exposed to the virus
- Second ship carrying Ukrainian grain reaches Turkey – BBC News
- Is it possible in mice to restore walking after paralysis from spinal cord injury?
- Sample of Solar System’s most dangerous asteroid lands on Earth – BBC News
- Neural circuitry of mouse mothers to pups’ calls deciphered
- Inside Russia’s Post-Prighozin Plans in Africa
- China sentences Uyghur scholar to life in jail – BBC News
- UT Health San Antonio study links aspartame to autism in males
- Former White House chief of staff on McCarthy’s ‘problem’ amid possible government shutdown