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uk inflation rises to highest level since march 2012


london (ap) — bank of england governor mark carney will have to write a letter to britain’s treasury chief explaining why inflation in the country is running by more than a percentage point above target after official figures showed it unexpectedly rising to 3.1 percent.the rate for november published tuesday is the highest since march 2012 and above most economists’ forecasts for a modest decline to 2.9 percent from the previous month’s 3 percent.because inflation is more than a percentage point above the bank’s 2 percent target, carney has to explain to chancellor of the exchequer philip hammond what he and his colleagues on the rate-setting monetary policy committee are doing about getting inflation down. a bank of england spokesperson said the letter won’t be published until the februa






uk inflation at highest since april 2012


image copyrightgetty imagesthe uk's key inflation rate hit its highest for more than five years in september, driven up by increases in transport and food prices. the consumer prices index (cpi) climbed to 3%, a level it last reached in april 2012, and up from 2.9% in august. the pick-up in inflation raises the likelihood of an increase in interest rates - currently 0.25% - next month. the figures are significant because state pension payments from april 2018 will rise in line with september's cpi.under the "triple lock" guarantee, the basic state pension rises by a rate equal to september's cpi rate, earnings growth or 2.5%, whichever is the greatest. at the moment, the full new state pension is £159.55 per week, equivalent to £8,296.60 per year.business rates will go up by september's re






uk inflation at highest since april 2012


image copyrightgetty imagesthe uk's key inflation rate hit its highest for more than five years in september, driven up by increases in transport and food prices. the consumer prices index (cpi) climbed to 3%, a level it last reached in april 2012, and up from 2.9% in august. the pick-up in inflation raises the likelihood of an increase in interest rates next month. the figures are significant because state pension payments from april 2018 will rise in line with september's cpi.under the "triple lock" guarantee, the basic state pension rises by a rate equal to september's cpi rate, earnings growth or 2.5%, whichever is the greatest. at the moment, the full new state pension is £159.55 per week, equivalent to £8,296.60 per year.business rates will go up by september's retail prices index (r






uk inflation at highest since april 2012


media playback is unsupported on your devicemedia captionpound's fall has driven inflation, says mark carneythe uk's key inflation rate hit its highest for more than five years in september, driven up by increases in transport and food prices. the consumer prices index (cpi) climbed to 3%, a level it last reached in april 2012, and up from 2.9% in august. the pick-up in inflation raises the likelihood of an increase in interest rates - currently 0.25% - next month. the figures are significant because state pension payments from april 2018 will rise in line with september's cpi.under the "triple lock" guarantee, the basic state pension rises by a rate equal to september's cpi rate, earnings growth or 2.5%, whichever is the greatest. at the moment, the full new state pension is £159.55 per w






uk inflation rate at highest level since september 2013


image copyrightgetty imagesthe uk's inflation rate rose last month to its highest since september 2013, official figures show.inflation now stands at 2.7% - up from 2.3% in march - and above the bank of england's 2% target.the main reason was higher air fares, which rose because of the later date of easter this year compared with 2016.rising prices for clothing, vehicle excise duty and electricity also played a part, but a fall in the price of petrol and diesel slightly offset this.last week, the bank of england warned that inflation as measured by the consumer prices index (cpi) would peak at just below 3% this year.it also warned that 2017 would be "a more challenging time for british households" with inflation rising and real wages falling - leading to a consumer spending squeeze.pay in






uk inflation rate at highest level since september 2013


image copyrightgetty imagesthe uk's inflation rate rose last month to its highest since september 2013, official figures show.inflation now stands at 2.7% - up from 2.3% in march - and above the bank of england's 2% target.the main reason was higher air fares, which rose because of the later date of easter this year compared with 2016.rising prices for clothing, vehicle excise duty and electricity also played a part, but a fall in the price of petrol and diesel slightly offset this.last week, the bank of england warned that inflation as measured by the consumer prices index (cpi) would peak at just below 3% this year.it also warned that 2017 would be "a more challenging time for british households" with inflation rising and real wages falling - leading to a consumer spending squeeze.pay in






uk inflation rate at highest level since september 2013


image copyrightgetty imagesthe uk's inflation rate rose last month to its highest since september 2013, official figures show.inflation now stands at 2.7% - up from 2.3% in march - and above the bank of england's 2% target.higher air fares were the main reason, which rose because of the later date of easter this year compared with 2016.rising prices for clothing, vehicle excise duty and electricity also played a part, but a fall in the price of petrol and diesel slightly offset this.last week, the bank of england warned that the consumer prices index (cpi) would peak at 3% this year because of the fall in sterling after the brexit vote.the office for national statistics said the cost of air travel went up by 18.6% from the month before, with easter falling on 16 april this year compared wi






uk inflation rate at highest level since september 2013


media playback is unsupported on your devicemedia captionthe challenge of coping with rising coststhe uk's inflation rate rose last month to its highest since september 2013, official figures show.inflation now stands at 2.7% - up from 2.3% in march - and above the bank of england's 2% target.the main reason was higher air fares, which rose because of the later date of easter this year compared with 2016.rising prices for clothing, vehicle excise duty and electricity also played a part, but a fall in the price of petrol and diesel slightly offset this.last week, the bank of england warned that inflation as measured by the consumer prices index (cpi) would peak at just below 3% this year.it also warned that 2017 would be "a more challenging time for british households" with inflation rising






uk inflation rate rises to 2.9%


image copyrightgetty imagesthe uk's inflation rate climbed to its joint highest level in more than five years in august as the price of petrol and clothing rose. uk inflation measured by the consumer prices index rose to 2.9% in august, up from 2.6% in july, figures show.the fall in the value of sterling since the eu referendum continued to be a major impetus for rising prices, the office for national statistics said.but a rebound in the price of oil also had an impact, pushing up fuel prices. the bigger-than-expected rise in inflation comes ahead of the bank of england's next announcement on interest rates on thursday.however, economists said the bank was still highly unlikely to raise rates at the meeting.rising clothing costsaccording to the ons, the prices of most goods climbed during






uk inflation rate rises to 2.9%


image copyrightpathe uk inflation rate rose to 2.9% in may, up from 2.7% the previous month, official figures show.it is the highest rate since june 2013 and keeps inflation above the bank of england's 2% target.the office for national statistics said one of the main reasons for the rise was the cost of foreign package holidays for british tourists.another factor was the price of computer games and equipment, which are usually imported.they are part of the recreational and cultural goods and services sector, where prices rose overall by 0.9% between april and may compared with a fall of 0.4% a year ago.food and clothing also went up in price slightly after falling 12 months ago, with the sugar, jam, confectionery and children's clothing markets mainly responsible.there were also rises in t






british inflation rate rises to 4-year high of 2.9 pct


london — the inflation rate in britain has risen to its highest level in four years, hitting 2.9 percent in may from 2.7 percent in april.the office for national statistics says rising prices for recreational and cultural goods and services, such as games, toys and hobbies were the main contributor to the increase in the consumer price index rate released tuesday.inflation has been rising in recent months, driven by the drop in the pound since britain voted last year to leave the european union. the pound has fallen as much as a fifth against other currencies, making imports more expensive.the increases were partially offset by falls in motor fuel prices, as well as air and sea fares, which were influenced by the timing of easter in april this year.






consumer spending growth slows as rising inflation hits americans’ purchasing po


washington — growth in consumer spending slowed in january despite a solid increase in incomes as rising prices hurt americans’ buying power. the annual inflation rate rose to 1.9 percent, its highest level since 2012 and close to the federal reserve’s target, the commerce department said wednesday. the data boosted the likelihood that the fed would…






uk interest rates set to rise as inflation hits 3 percent


london — inflation in britain has hit 3 percent for the first since early 2012, official figures showed tuesday — a development that reinforces expectations that the bank of england will raise interest rates next month for the first time in a decade.the office for national statistics said consumer price inflation was 3 percent in the year to september, up from the previous month's 2.9 percent. the increase, which brings the rate to its highest level since march 2012, was widely anticipated in the markets and was largely due to rising prices for food and a range of transport costs.if it had risen any further, bank of england governor mark carney would have to write to treasury chief philip hammond explaining why inflation is more than a percentage point above the 2 percent target and what h






british inflation rate rises to 4-year high as brexit bites


london (ap) — the inflation rate in britain has risen to its highest level in four years, as the drop in the pound since the brexit vote pushes up the cost of living.the office for national statistics said tuesday that consumer prices were up 2.9 percent on the year in may, from 2.7 percent in april. that was mainly due to rising prices for recreational and cultural goods and services, such as games, toys and hobbies.inflation has been rising steadily in recent months, as the drop in the pound — by as much as a fifth against the dollar since britain voted in june last year to leave the european union — makes imports more expensive.“the further increase in inflation — to its highest rate since june 2013 — primarily reflects retailers passing on higher import prices to consumers in earnest,”






british inflation rate rises to 4-year high as brexit bites


london (ap) — the inflation rate in britain has risen to its highest level in four years, as the drop in the pound since the brexit vote pushes up the cost of living.the office for national statistics said tuesday that consumer prices were up 2.9 percent on the year in may, from 2.7 percent in april. that was mainly due to rising prices for recreational and cultural goods and services, such as games, toys and hobbies.inflation has been rising steadily in recent months, as the drop in the pound — by as much as a fifth against the dollar since britain voted in june last year to leave the european union — makes imports more expensive.“the further increase in inflation — to its highest rate since june 2013 — primarily reflects retailers passing on higher import prices to consumers in earnest,”






british inflation rate rises to 4-year high as brexit bites


london — the inflation rate in britain has risen to its highest level in four years, as the drop in the pound since the brexit vote pushes up the cost of living.the office for national statistics said tuesday that consumer prices were up 2.9 percent on the year in may, from 2.7 percent in april. that was mainly due to rising prices for recreational and cultural goods and services, such as games, toys and hobbies.inflation has been rising steadily in recent months, as the drop in the pound — by as much as a fifth against the dollar since britain voted in june last year to leave the european union — makes imports more expensive."the further increase in inflation — to its highest rate since june 2013 — primarily reflects retailers passing on higher import prices to consumers in earnest," said






british inflation rate rises to 4-year high as brexit bites


london — the inflation rate in britain has risen to its highest level in four years, as the drop in the pound since the brexit vote pushes up the cost of living.the office for national statistics said tuesday that consumer prices were up 2.9 percent on the year in may, from 2.7 percent in april. that was mainly due to rising prices for recreational and cultural goods and services, such as games, toys and hobbies.inflation has been rising steadily in recent months, as the drop in the pound — by as much as a fifth against the dollar since britain voted in june last year to leave the european union — makes imports more expensive."the further increase in inflation — to its highest rate since june 2013 — primarily reflects retailers passing on higher import prices to consumers in earnest," said






uk inflation rate rises to 2.9%


image copyrightgetty imagesthe uk's inflation rate climbed to its joint highest in more than five years in august as the price of petrol and clothing rose. uk inflation measured by the consumer prices index rose to 2.9% in august, up from 2.6% in july, figures show.the fall in the value of sterling since the eu referendum continued to be a major impetus for rising prices, the office for national statistics said.but a rebound in the price of oil also had an impact, pushing up fuel prices. the bigger-than-expected rise in inflation comes ahead of the bank of england's next announcement on interest rates on thursday.however, economists said the bank was still highly unlikely to raise rates at the meeting.rising clothing costsaccording to the ons, the prices of most goods climbed during august






uk wages continue to lag inflation despite low unemployment


london (ap) — official figures show that household incomes in britain continue to be squeezed even though the country’s unemployment rate remains at its lowest level in 42 years.the office for national statistics said wednesday that average weekly earnings including bonuses increased by 2.2 percent in the three months to august from the same period a year ago. excluding bonuses, average earnings were 2.1 percent higher.whichever measure is used, earnings continue to lag inflation. inflation stood at 2.9 percent in august and rose to 3 percent in september, its highest level since 2012.separately, the statistics agency said unemployment fell by 52,000 on a quarterly basis to 1.44 million. that lowered the unemployment rate by 0.2 percentage point on a quarterly basis to 4.3 percent, its joi






uk consumer inflation rises to 3 ½-year high of 2.7 percent


london — britain's consumer price inflation rate rose to 2.7 percent in april from 2.3 percent a month earlier, as the pound's drop since britain's vote to leave the european union continues to push up the cost of everyday goods.the office for national statistics said tuesday that the annual rate is the highest since september 2013.rising prices for clothing, electricity and airfares contributed to the increase.the bank of england said last week that rising inflation driven by the market turmoil over brexit was starting to hurt consumers, and wages were failing to keep up.the bank expects inflation to hit 3 percent later this year then ease back down, and wages to pick up in 2018 — if britain gets a new trade deal with the eu.






uk inflation rate remains at 2.3%


image caption air fares were affected by the timing of easter uk inflation held steady last month, as rising prices for food and clothing were offset by lower air fares.the office for national statistics (ons) said inflation as measured by the consumer prices index remained at 2.3%.the main downward effect on inflation last month came from air fares, which was down to the timing of easter.however, the ons data showed food prices in march were 1.2% higher than last year, the biggest annual rise in three years.cheaper fuelthis year, the cost of air fares fell by nearly 4% in march from the month before. however, last year, when easter sunday fell on 27 march, air fares had jumped by more than 20% amid higher demand.with easter sunday falling on 16 april this year, economists are expecting in






uk inflation rate remains at 2.3%


image caption air fares were affected by the timing of easter uk inflation held steady last month, as rising prices for food and clothing were offset by lower air fares.the office for national statistics (ons) said inflation as measured by the consumer prices index remained at 2.3%.inflation has been accelerating in recent months, partly as a result of the fall in the pound after the brexit vote, which has raised import prices.the main downward effect on inflation last month came from air fares, but this was down to the timing of easter.this year, the cost of air fares fell by nearly 4% in march from the month before. however, last year, when easter sunday fell on 27 march, air fares had jumped by more than 20% amid higher demand.with easter sunday falling on 16 april this year, economists






wholesale prices jumped in april


washington — inflation at the wholesale level jumped in april by the largest amount in three months, fueled by rising prices of food and energy. even excluding the volatile energy and food categories, core inflation was up sharply as well, raising concerns about whether inflation is starting to edge higher after being quiet for years.the labor department said thursday that its producer price index, which measures inflation before it reaches the consumer, rose 0.5 percent in april. that represented a sharp rebound following a 0.1 percent decline in march. it was the largest one-month gain since january.energy prices rose 0.8 percent in april, while food costs were up 0.9 percent. over the past 12 months, overall prices at the wholesale level have risen 2.5 percent, the largest 12-month gain






inflation steady despite food price rises


image copyrightreutersthe uk's key inflation rate remained steady in october at a five-and-a-half-year high of 3%, official figures show.higher food prices were offset by lower fuel costs, the office for national statistics (ons) said. the price of food and non-alcoholic drinks rose at an annual rate of 4.1%, the highest since september 2013.the consumer prices index (cpi) had been expected to rise, with the bank of england forecasting it would peak at 3.2% this autumn. the official target for the cpi is 2%. if the cpi inflation rate had risen above 3%, bank of england governor mark carney would have been forced to write to the chancellor explaining why it was so far above target. maike currie at fidelity international said mr carney could "breathe a sigh of relief this month".however, she






inflation steady despite food price rises


image copyrightreutersthe uk's key inflation rate remained steady in october at a five-and-a-half-year high of 3%, official figures show.higher food prices were offset by lower fuel costs, the office for national statistics (ons) said. the price of food and non-alcoholic drinks rose at an annual rate of 4.1%, the highest since september 2013.the consumer prices index (cpi) had been expected to rise, with the bank of england forecasting it would peak at 3.2% this autumn. the official target for the cpi is 2%. if the cpi inflation rate had risen above 3%, bank of england governor mark carney would have been forced to write to the chancellor explaining why it was so far above target. maike currie at fidelity international said mr carney could "breathe a sigh of relief this month".however, she






uk inflation rises further above central bank’s target


london (ap) — inflation in britain spiked up to 2.9 percent in the year to august, official figures showed tuesday, in a development that has stoked market speculation the bank of england may raise interest rates sooner than expected.the office for national statistics said the increase from the previous month’s 2.6 percent rate was largely due to rising prices for clothing and motor fuels.the scale of the increase was not expected — the consensus in the markets was that inflation would increase to 2.8 percent.following the higher than expected reading, the pound struck its highest level in a year against the dollar, a clear signal that traders, at least, think that borrowing rates will be increased soon. soon after the news, the pound was up 0.8 percent at $1.3268. the pound was also in th






egypt risks middle-class ire as cost of living soars


inflation in egypt hit its highest level this decade because of a weaker currency and slashed state assistance, escalating concerns about the economic health of the arab world’s most-populous nation.the annual urban inflation rate increased to 28.1% in january on higher food-and-beverage prices, egypt’s statistics agency said on saturday. egypt’s headline inflation was at 23.3% a month earlier, according to data from the central...






uk inflation rises further above central bank's target


london — inflation in britain spiked up to 2.9 percent in the year to august, official figures showed tuesday, in a development that has stoked market speculation the bank of england may raise interest rates sooner than expected.the office for national statistics said the increase from the previous month's 2.6 percent rate was largely due to rising prices for clothing and motor fuels.the scale of the increase was not expected — the consensus in the markets was that inflation would increase to 2.8 percent.following the higher than expected reading, the pound struck its highest level in a year against the dollar, a clear signal that traders, at least, think that borrowing rates will be increased soon. soon after the news, the pound was up 0.8 percent at $1.3268. the pound was also in the asc






egypt risks middle-class ire as cost of living soars


inflation in egypt hit its highest level this decade due to a weaker currency and slashed state assistance, escalating concerns about the economic health of the arab world’s most populous nation.the annual urban inflation rate increased to 28.1% in january on higher food-and-beverage prices, egypt’s statistics agency said saturday. egypt’s headline inflation was at 23.3% a month earlier, according to data from its central bank, up...






us wholesale inflation slid in march as energy prices fell


washington — inflation at the wholesale level slid last month, pulled down by plummeting energy prices.the labor department says its producer price index, which measures inflation pressures before they reach consumers, fell 0.1 percent in march, the first drop since august. wholesale prices rose 0.3 percent in february and 0.6 percent in january. producer prices were up 2.3 percent in march from a year earlier, the sharpest annual increase in five years.energy prices tumbled 2.9 percent, including an 8.3 percent drop in gasoline.but excluding volatile food and energy prices, so-called core wholesale inflation was unchanged in march and is up just 1.6 percent over the past year.the federal reserve last month raised interest rates for the second time in three months and forecast two more hik






wholesale prices jumped in april


washington — inflation at the wholesale level jumped in april by the largest amount in three months, fueled by rising prices of food and energy.the labor department says its producer price index, which measures inflation before it reaches the consumer, rose 0.5 percent in april. that is a sharp rebound following a 0.1 percent decline in march. it was the largest gain since similar 0.5 percent rise in january.energy prices rose 0.8 percent in april, while food costs were up 0.9 percent.overall inflation at the wholesale level was up 2.5 percent over the past 12 months, the largest 12-month gain in five years. core inflation at the wholesale level, which excludes food, energy and trade services, was up 0.7 percent in april and 2.1 percent over 12 months.






retail sales in april beat forecasts with a 2.3% rise


image copyrightgetty imageswarmer weather helped retail sales to rise by more than expected last month, according to official data.sales volumes jumped 2.3% in april from the month before, the office for national statistics (ons) said, and were 4% higher than a year earlier.april's rebound contrasted with march, when sales saw the biggest fall in seven years."anecdotal evidence from retailers suggests that good weather contributed to growth," the ons said.the stronger-than-expected rise in sales pushed the value of the pound above $1.30 to its highest level since september last year.david cheetham, chief markets analyst at xtb, said the figures would "go some way to allay the fears of a slowdown in consumer spending following last month's sharp drop".'welcome news'due to recent rises in in






uk inflation rate at near four-year high


image copyrightpathe rising cost of foreign package holidays and imported computer games helped to push the uk inflation rate up to 2.9% last month from 2.7% in april.the latest inflation rate is the highest since june 2013, and above the bank of england's 2% target.the office for national statistics said food and clothing also went up in price slightly after falling 12 months ago.but the cost of petrol and diesel fell for the third successive month.computer games are part of the recreational and cultural goods and services sector, where prices rose overall by 0.9% between april and may compared with a fall of 0.4% a year ago.the sugar, jam, confectionery and children's clothing markets were mainly responsible for the increase in food and clothing prices.there were also rises in the cost o






uk inflation rate rises to 3.1%


image copyrightpainflation rose to 3.1% in november, the highest in nearly six years, as the squeeze on households continued.the office for national statistics (ons) said that airfares and computer games contributed to the increase.the most recent data shows that average weekly wages are growing at just 2.2%. mark carney, the governor of the bank of england, will now have to write a letter to chancellor philip hammond explaining how the bank intends to bring inflation back to its 2% target.mr carney has to write a letter to the chancellor if the consumer prices index (cpi) inflation rate is above 3% or below 1%.in november, the bank of england raised its key interest rate for the first time in more than a decade from 0.25% to 0.5%.however, it is not expected to announce a further increase






uk inflation rate at near four-year high


image copyrightpathe rising cost of foreign package holidays and imported computer games helped to push the uk inflation rate up to 2.9% last month from 2.7% in april.the latest inflation rate is the highest since june 2013, and above the bank of england's 2% target.the office for national statistics said the price of food and clothing also went up slightly but fuel costs fell for a third month in a row.the pick-up in inflation is likely to continue the squeeze on consumers.the fall in the value of the pound since last year's brexit referendum has increased the cost of imports, which has been one of the key factors behind the rise in inflation.however, wage increases have not kept up with the rise in prices. the most recent ons data on wages showed that average weekly earnings excluding bo






uk inflation rate at near four-year high


image copyrightpathe rising cost of foreign package holidays and imported computer games helped to push the uk inflation rate up to 2.9% last month from 2.7% in april.the latest inflation rate is the highest since june 2013, and above the bank of england's 2% target.the office for national statistics said the price of food and clothing also went up slightly but fuel costs fell for a third month in a row.the pick-up in inflation is likely to continue the squeeze on consumers.the fall in the value of the pound since last year's brexit referendum has increased the cost of imports, which has been one of the key factors behind the rise in inflation.however, wage increases have not kept up with the rise in prices. the most recent ons data on wages showed that average weekly earnings excluding bo






germany's merkel likely to meet with us vp pence in munich


berlin — german chancellor angela merkel is likely to meet with u.s. vice president mike pence next week.it would be the first face-to-face meeting between merkel and a senior member of the new u.s. administration following president donald trump's inauguration.merkel's spokesman steffen seibert said the chancellor will hold several bilateral meetings at the munich security conference, which starts feb. 17 in the south german city.seibert told reporters in berlin on friday that the meeting with pence was "highly likely."