UK Inflation Eases More-Than-Expected
16 Diciembre 2020 - 12:55AM
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UK inflation slowed more-than-expected in November due to
falling clothing prices, data published by the Office for National
Statistics showed on Wednesday.
Consumer price inflation weakened to a three-month low of 0.3
percent from 0.7 percent in October. The rate was well below the
economists' forecast of 0.6 percent and the central bank's 2
percent target. "The price fall in November this year reflects
increased discounting and there have been media reports that some
Black Friday sales may have spread further across the month," the
ONS said.
Clothing and footwear prices decreased 3.6 percent annually and
food and non-alcoholic beverages prices slid 0.6 percent. These
were partially offset by upward contributions from games, toys and
hobbies, and accommodation services.
At the November meeting, the Bank of England said inflation is
expected to remain at, or just above 0.5 percent during most of the
winter, before rising quite sharply towards the 2 percent target as
the effects of lower energy prices and value added tax
dissipate.
The BoE is set to announce its next monetary policy decision on
December 17.
November's drop in inflation will not prompt the monetary policy
committee to announce any further policy stimulus tomorrow, Ruth
Gregory, an economist at Capital Economics, said. The bank is
unlikely to take any action for some time to come, unless there is
a no deal Brexit.
"In that case, we think the MPC would look through the temporary
rise in inflation and instead focus on quashing any financial
market dislocation and supporting demand," the economist added.
On a monthly basis, consumer prices dropped 0.1 percent in
November after staying flat a month ago. This was the first fall in
three months and in contrast to a 0.1 percent rise economists' had
forecast.
Excluding energy, food, alcoholic beverages and tobacco, core
inflation eased more-than-expected to 1.1 percent from 1.5 percent
in October. The expected rate was 1.4 percent.
Another report from the ONS showed that output prices decreased
for the ninth consecutive month in November. Nonetheless, the rate
of decline slowed to 0.8 percent from 1.4 percent. Prices were
forecast to drop 0.9 percent.
Month-on-month, output prices gained 0.2 percent, following a
flat growth in October. At the same time, input prices grew 0.2
percent on month in November, compared to a 0.4 percent rise in
October.
The annual fall in input prices slowed to 0.5 percent from 1.2
percent. Economists had forecast an annual 2.5 percent decline.
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