Home Business Britain inflation jumps in July

Britain inflation jumps in July

- Advertisement -

British inflation jumped unexpectedly last month to its highest rate since March, pushed up by clothing retailers refraining from their usual summer discounts.

This is as they reopened from the coronavirus lockdown, official data showed on Wednesday.

- Advertisement -

Annual consumer price inflation rose to one per cent in July from 0.6 per cent in June, the Office for National Statistics (ONS) said.

That was above all forecasts in a Reuter’s poll of economists that had pointed to an unchanged rate of 0.6 per cent.

Clothing and footwear prices were the biggest contributor to the rise in inflation, the ONS said.

In most years retailers slash clothes prices between June and July to clear out their summer ranges in preparation for autumn.

This year, the drop in clothing and footwear prices was unusually small, perhaps reflecting discounting early in lockdown.

“We’ve seen a very different pattern this year; we’ve not seen that movement this year,’’ an ONS statistician said.

Petrol prices – and greater costs for haircuts, dentistry and physiotherapy – also contributed to higher inflation, the ONS said.

Core inflation – which excludes typically volatile energy, food, alcohol and tobacco prices – also rose to 1.8 per cent from June’s 1.4 per cent.

Economists had expected the rate to fall slightly to 1.3 per cent.

The Bank of England said earlier this month it expected inflation to turn briefly negative in the near term, falling to -0.3 per cent in August.

alltechng
alltechng
Technology is making life more meaningful, improves productivity... We are tech lovers...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

video

iOS 14.4 Preview! Coming Next Week?

iOS 14.4 Preview! Coming Next Week? I go over all the new features, changes and bug fixes in iOS 14.4, which Apple will be releasing...
video

Samsung Galaxy S21 Ultra vs iPhone 12 Pro Max Camera Test Comparison.

Samsung Galaxy S21 Ultra vs iPhone 12 Pro Max Camera Test Comparison. A different kind of smartphone camera comparison - Samsung Galaxy S21 Ultra vs...
video

Huawei’s Under Display Camera Phone

Huawei's Under Display Camera Phone... So Huawei Submitted A New Patent Of A Phone Which Has A Bezel Display Plus Under Screen Camera Tech Which...
video

iPhone 12 Display Gap Issue – Should you be concerned?

iPhone 12 Display Gap Issue - Should you be concerned? iPhone 12 may have a display gap issue. iPhone 12, iPhone 12 mini, iPhone 12...
video

Samsung REVEALS Under Display Camera Tech, But…

Samsung REVEALS Under Display Camera Tech, But... Samsung made the under display camera tech official but it's not the Galaxy Note 21 Ultra or the...
error: Alltechng Content is protected !!