Published: Wed, January 17, 2018
Economy | By Shawn Conner

CPI up 0.1% in Dec, 2017 inflation 0.4%

CPI up 0.1% in Dec, 2017 inflation 0.4%

On a month-on-month basis, the bureau stated that the Headline Index increased by 0.59 per cent in December 2017, 0.19 per cent points higher from the rate of 0.78 per cent recorded in November.

The ONS says that following a steady increase from late 2015, since April 2017 the CPIH rate has levelled off, ranging between 2.6% and 2.8%.

United Kingdom inflation slowed for the first time in six months in December, on air fares and recreational goods costs, official data showed Tuesday.

While the ONS said it was too early to tell if inflation has peaked at 3.1%, Hargreaves Lansdown's senior economist Ben Brettell, is expecting the rate to fall in the next year.

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Whether the fall in inflation is enough for households to feel a difference is up for debate.

Data released by the Department of Industrial Policy and Promotion (DIPP) on Monday showed wholesale food inflation decelerated to 4.72% in December from 6.06% a month ago, while fuel inflation accelerated to 9.16% against 8.82% during the same period.

The drop of 0.53 percent points recorded in December makes it the eleventh consecutive slowdown in the inflation rate.

Samuel Tombs, Pantheon Macroeconomics chief United Kingdom economist, has pencilled in an even steeper fall for inflation at 2.9%, predicting supermarkets will duck the chance to push prices even higher in December. In fact, taking goods prices separately from services, inflation at 3.4% is higher than it's been for more than five years.

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The British Retail Consortium's (BRC) head of retail insight and analytics Rachel Lund added: "We are likely to continue to see inflation falling back this year as, 18 months on from the referendum, currency impacts have mostly fed through and are now falling out of the yearly calculations. At the same time, we hope to see inclusion of petrol and diesel under GST in coming months, which should also help in lowering the pressures of fuel inflation", Shah said. Prices of the other major group under the WPI, manufactured products, which comprise almost 64.23 per cent of the index, recorded a 2.61 per cent rise.

His words: "The drop in inflation rate in December has been predicted before now".

The Consumer food price index (CFPI) in December stood at 4.96 per cent compared to the 4.42 per cent of November 2017.

"Investors and consumers will therefore need to not only review their spending and savings habits as they wait for that elusive pay rise, but also revisit their portfolios while they wait for inflation pressures to ease", she said.

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