fuel

Latest CPI/RPI figures

Inflation hits 3.8% in June

The rising cost of food and fuel drove UK inflation up to 3.8% in June up from 3.3% in May, according to The Office for National Statistics. This means that inflation is nearly double the government’s 2% target and already closing on the 4% end-of-year figure predicted by the Bank of England. The increasing inflation figure gives the Bank of England’s Monetary Policy Commitee far less room to cut interest rates amidst concerns over the economy as they are expected to cut rates only when inflation is under control. The ONS found that food and non-alcoholic drink prices were the main influences behind the inflation rise with price increases at a record 2.1% Oil prices, touching $147 a barrel last week, also increased inflation with petrol rising by 5.3p per litre between May and ... »