Retail inflation cools to 4.17% in July; pulses, vegetable prices eases

Retail inflation cools to 4.17% in July; pulses, vegetable prices eases

Retail inflation cools to 4.17% in July; pulses, vegetable prices eases

Another measure of inflation, the retail price index, rose by 3.2 percent, its weakest rise since March 2017, offering a little bit of relief to rail travellers - many annual ticket price increases from January will be set by that reading.

The increase in fuel costs, which have pushed the cost of unleaded petrol above £1.30 a litre in many parts of the country, prompted warnings that inflation would remain well above the Bank of England's 2% target for the rest of the year.

Aditi Nayar, Principal Economist at ICRA, said surprises from fruits, vegetables, clothing and footwear, and pan, tobacco and intoxicants contributed to a substantial correction in the headline CPI inflation.

Food inflation in July stood at a provisional 1.37 per cent, compared with 2.91 per cent in the previous month, the Central Statistics Office noted in its statement.

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Britain's inflation rate picked up in July for the first time this year, leaving many British households feeling squeezed by prices that are rising at about the same pace as their salaries. High YoY fuel price increases have led to continuous increase in inflation of the fuel and light, and the transport and communication groups.

Hawksworth added: "With jobs growth also slowing in the latest figures, real household income growth will remain subdued and we expect that this will continue to hold back consumer spending growth to modest levels over the next 12-18 months".

"These figures show that the cost-of-living squeeze is not yet a thing of the past". "Despite the truckers' strike, food inflation eased considerably in July 2018, benefiting from the base effect", she said.

"This is likely to weigh down consumer spending, posing fresh problems for embattled high street businesses".

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According to the bureau, the drop was the first month-on-month headline inflation decline since February 2018.

On a seasonally adjusted basis, average house prices in the United Kingdom were unchanged between May 2018 and June 2018, compared with an increase of 0.5 per cent in average prices during the same period a year earlier. The measure excludes 5% of the highest and lowest price changes.

For manufacturers, the cost of raw materials was 10.9% higher than in July 2017, the biggest rise in more than a year.

"If the recent depreciation of the INR sustains, it may modestly feed into the CPI inflation over the near term".

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