UK inflation declines to lowest in 3 years
Source: Bloomberg News |
October 17, 2012, Wednesday
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Print Edition
Print Edition
UK inflation slowed to the least in almost three years in September as electricity and gas price increases a year earlier dropped out of the index.
Consumer prices rose 2.2 percent from a year earlier, the smallest gain since November 2009 and down from a 2.5 percent gain in August, the Office for National Statistics said yesterday in London. That matched the median forecast of 37 economists in a Bloomberg News survey. The largest downward effect was from utility bills, which knocked 0.43 percentage point off the rate.
Bank of England policy makers face a crunch decision next month on whether to expand their stimulus program again as some officials raise concerns about the inflation outlook. While the central bank forecasts that price growth will ease below its 2 percent target next year, planned price rises by Britain's biggest power companies may slow the pace of cooling.
"There is still some room for further policy easing but the stickiness of inflation in the face of such a large activity shock to the economy is a reminder to policy makers that this scope is not unlimited," said David Tinsley, an economist at BNP Paribas SA in London. They will need to revise up their short-term outlook for inflation."
From the previous month, consumer prices rose 0.4 percent in September, the statistics office said.
Core annual inflation, which excludes alcohol, food, tobacco and energy prices, remained at 2.1 percent in September from August, according to the report. Retail-price inflation, a measure used in wage negotiations, slowed to 2.6 percent from 2.9 percent.
Consumer prices rose 2.2 percent from a year earlier, the smallest gain since November 2009 and down from a 2.5 percent gain in August, the Office for National Statistics said yesterday in London. That matched the median forecast of 37 economists in a Bloomberg News survey. The largest downward effect was from utility bills, which knocked 0.43 percentage point off the rate.
Bank of England policy makers face a crunch decision next month on whether to expand their stimulus program again as some officials raise concerns about the inflation outlook. While the central bank forecasts that price growth will ease below its 2 percent target next year, planned price rises by Britain's biggest power companies may slow the pace of cooling.
"There is still some room for further policy easing but the stickiness of inflation in the face of such a large activity shock to the economy is a reminder to policy makers that this scope is not unlimited," said David Tinsley, an economist at BNP Paribas SA in London. They will need to revise up their short-term outlook for inflation."
From the previous month, consumer prices rose 0.4 percent in September, the statistics office said.
Core annual inflation, which excludes alcohol, food, tobacco and energy prices, remained at 2.1 percent in September from August, according to the report. Retail-price inflation, a measure used in wage negotiations, slowed to 2.6 percent from 2.9 percent.
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