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British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages.
Aside from that, official data also gave an emphasis to the weakness in the property market since the 2016 Brexit vote. As a matter of fact, prices in London have slumped at their fastest tempo since 2009.
In July, consumer price inflation managed to gain at an annual rate of about 2.5% after sticking with 2.4% for the last three months, as the Office for National Statistics informed. The given reading appears to fit experts’ estimates in a Reuters survey.
It has turned out to be the first time since November that UK inflation gained pace, decelerating the revival in spending power for many British households, even if British inflation is anticipated to rebound in the coming months.
Besides this, Tuesday’s data revealed that average earnings, with bonuses, gained an annual 2.4% for the three months to June, thus extending a long-lasting run of pay leaps below their pre-financial meltdown levels.
When Britain’s main financial institution had interest rates increased this month, it told that inflation in the country would tack on to 2.6% in July before decreasing. The key bank actually expects inflation to stay above its 2% objective in two years' time because it gradually lifts borrowing costs.
However, many private market experts are assured that UK inflation is going to prove to be weaker than it’s forecast by the major bank.
The UK currency that has slumped for the last time on worries about the disagreement on the UK’s escape from the European bloc as well as the indications as for how gradually rates are going to ascend briefly dived after Wednesday's report.
The Bank of England will hold a meeting on Thursday at 14:00 MT time (GMT+3).
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
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