Plunging Petrol Prices Cap U.K. Inflation in September

Britain’s inflation rate didn’t inflate as anticipated last month as petrol costs fell at the fastest rate in more than three years, a boost to customers ahead of Brexit.

U.K. consumer prices surged at an annual rate of 1.7% in September, matching August’s rate that was the lowest since December 2016, the Office for National Statistics mentioned today.

The figures suggest the Bank of England’s estimation in August that inflation would average 1.6% in the remaining quarter of this year seems on track.

Fuel prices plunged by 2.1% compared with a year prior, their biggest plunge since August 2016, the ONS stated.

Surveys show expectations of inflation for the following year among the British public have begun to cool after reaching their highest level in years.

The Bank of England has said that marking inflation pressures imply it may still want to raise rates of interest over the medium interval – if there is an end to persistent Brexit ambiguity and the world economy recovers from its slowdown.

Britain’s jobs boom has contracted in the way to Brexit with the number of people in work suddenly dropping by the most in over four years and lay-off rising, official data confirmed yesterday.

The ONS labor market data confirmed a dive in the pace of pay growth, which lately hit its fastest in over 10 years.


Alfredoo Epps

Alfredo Epps is a finance expert heading the petroleum column. He joined the group last year as an associate writer. But his thorough research skills and ability to seamlessly putting numerical data into words helped him get a senior position. Apart from a column head, Alfredo is a dancer and a violinist.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *