Consumer Inflation Accelerates But Industrial Output Rebounds

Consumer Inflation Accelerates But Industrial Output Rebounds

However, the inflation rate still remains below the Reserve Bank's 4 per cent target.

The core inflation rate increased to 2.7% from 2.4% previously and compared with consensus forecasts of 2.5% while the RPI inflation rate increased to 3.9% from 3.6% in July.

United Kingdom inflation beat forecasts to rise to 2.9% in August, after stalling at 2.6% in July, with record uplifts in clothing costs contributing to the increase, according to the Office for National Statistics. Meanwhile, the Index of Industrial Production grew by 1.2% in July, after falling to -0.2% in June, reported Mint.

A statement from the ONS said: "The depreciation of sterling seen in 2016 and particularly following the outcome of the European Union referendum would increase the prices producers pay for imported goods". "We are maintaining that there is no scope for further rate reduction", she said.

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But a rebound in the price of oil also had an impact, pushing up fuel prices. The RBI's next policy meeting is on October 3-4.

Wholesale prices are expected to rise 3 per cent in August from a year ago, from 1.88 per cent in July, according to the Reuters poll. The year-on-year rate increased to 2.9% from 2.6% previously and was also above market expectations of a more modest increase to 2.8%.

"The inflation rate for a range of goods has picked up since past year and the overall rate in the United Kingdom is higher than in most other EU countries, including all of the larger western European nations". The monthly measure showed a 0.6% rise in the average price of consumer goods between August and July.

While overall inflation is on the rise, wage growth in Britain has stalled, with some analysts putting the blame partly on Brexit uncertainty, which has seen companies hold back from hiring.

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