Skip to content
Search

Latest Stories

UK Inflation Climbs to six-month high in August: ONS

The UK recorded a steep rise in its annual inflation rate which hit a six-month high in August unexpectedly amid higher season hike in sea, airfares, and other prices, said Office for National Statistics (ONS) in a statement on Wednesday (19).

The consumer prices index (CPI) 12-month rate was 2.7 per cent in August 2018, up from 2.5 per cent recorded in the previous month. The CPI including owner occupiers’ housing costs (CPIH) annual inflation rate was 2.4 per cent in August 2018, up from 2.3 per cent registered in July, this year.


Rising prices for a range of recreational and cultural goods and services, transport services and clothing produced the largest upward contributions to the change in the rate between July and August 2018, ONS highlighted.

Bank of England (BoE) had raised interest rates for the second time last month since the economic crisis and indicated only a gradual increase in borrowing costs in the future. Last week, the BoE said it estimated inflation to move down to 2.4 per cent in August.

The ONS also noted UK house prices moved up at the lowest annual rate in nearly five years, pulled down by the highest fall in London house prices since 2009.

According to the analysts, the increase in the rate of inflation in August could cause a setback to the modest recovery in real terms wage growth that has supported economic growth this year so far.

Partially offsetting downward contributions came from furniture and household goods, and telecommunications as the prices for these rose between July and August 2018 but by less than a year ago.

Transport continues to make the largest upward contribution to the rate, with prices rising by 6 per cent in the year to August 2018, the highest 12-month rate since April 2017. The largest contribution within the transport group continues to come from motor fuels.

Other large upward contributions came from housing and household services (principally from owner occupiers’ housing costs and domestic utilities) and recreation and culture. Prices for recreation and culture rose by 3.6 per cent between August 2017 and August 2018, the highest 12-month rate since January 2010 when it was also 3.6 per cent.

The final, large upward effect came from clothing and footwear, with average prices rising by 3.1 per cent between July and August 2018 compared with a smaller rise of 2.4 per cent between the same two months a year ago.

More For You

Nirmala-Sitharaman-Reuters

India's finance minister Nirmala Sitharaman presented the annual budget on Saturday, February 1. (Photo: Reuters)

Key points from India's 2025 budget

INDIA will focus on increasing the spending power of its middle class, encouraging private investment, and promoting inclusive development, finance minister Nirmala Sitharaman said on Saturday while presenting the annual budget.

Sitharaman said the budget for 2025-26 includes measures for the poor, youth, farmers, and women. She also highlighted "transformative reforms in taxation."

Keep ReadingShow less
Shoplifting surge costs retailers record £2.2bn

In the 12 months to September 1, 2024, a total of 45,000 cases involving violence or abuse were recorded (Photo: iStock)

Shoplifting surge costs retailers record £2.2bn

SHOPLIFTING across the UK has spiked in recent months costing stores a record £2.2 billion ($2.7bn) in losses, a leading retail organisation warned.

"Retail crime is spiralling out of control," the British Retail Consortium said in its latest annual report, adding that thieves were also becoming more violent towards staff.

Keep ReadingShow less
Nirmala-Sitharaman-Getty

India's finance minister Nirmala Sitharaman will deliver the budget speech on Saturday. (Photo: Getty Images)

What to expect from India's budget

INDIAN prime minister Narendra Modi's government will present the annual budget on 1 February, with a focus on economic growth, job creation, and trade policies amid global uncertainties.

Finance minister Nirmala Sitharaman will deliver the budget speech.

Keep ReadingShow less
Ambanis-Getty

Billionaire businessman Mukesh Ambani with his wife and founder chairperson of the Reliance Foundation Nita Ambani during the wedding reception ceremony of actor Amir Khan's daughter, Ira Khan on January 13, 2024. (Photo: Getty Images)

Ambanis set to acquire minority stake in Hundred’s Oval Invincibles

THE OWNERS of the Indian Premier League (IPL) team Mumbai Indians have reportedly secured a deal to acquire a 49 per cent stake in Oval Invincibles, a franchise in England’s Hundred competition.

Reports on Thursday stated that Reliance Industries Limited (RIL), which owns Mumbai Indians, emerged as the successful bidder.

Keep ReadingShow less
Lupa Foods CEO hails royal warrant as a mark of trust

Manish Mandavia

Lupa Foods CEO hails royal warrant as a mark of trust

THE Asian CEO of a UK-based food company with a royal warrant described the accolade as a “great sign of confidence” in its values.

Lupa Foods first received the royal warrant from Queen Elizabeth in 2001.

Keep ReadingShow less