Economy

UK Inflation Joint Highest In Over 5 Years

UK Inflation Joint Highest In Over 5 Years

But wages rose by a modest 2.1 percent, missing forecasts of 2.3 percent in a Reuters poll of economists and adding to other signs of weakness in the economy after last year's Brexit vote.

INFLATION ROSE unexpectedly to 2.9 per cent in August, as the slump in sterling since the Brexit vote continued to have a powerful impact on domestic United Kingdom prices.

House builders were lower after the Royal Institution of Chartered Surveyors published a mixed report on activity in the United Kingdom housing market (http://www.rics.org/uk/news/news-insight/press-releases/growth-at-the-headline-level-but-regional-house-price-picture-remains-mixed/), saying sentiment is increasingly negative in central London.

'Depreciation may have influenced this but increasing global commodity prices could also be a factor in the rise in inflation in the United Kingdom and the European Union overall'.

Early Thursday, the pound inched higher to $1.3218, from $1.3210 late Wednesday in NY.

Marcelo slapped with two-match ban for Levante red card
Madrid can appeal against the punishment, which includes a fine of €700 for the club and €600 for the player, within 10 days. Madrid is seventh in the league standings after three matches, four points behind leaders Barcelona and Real Sociedad.

Sterling fell on Wednesday after posting its biggest daily gain in more than two months the previous day as investors took profits before a central bank meeting on Thursday that will have to grapple with divergent data in recent days. This may change if rising prices start feeding through to wages.

Petrol prices rose by 1.8 pence per litre this year, while they had fallen 1.8 pence a year ago.

United Kingdom labour market conditions are strong and inflationary pressures are heating up, a combination that has seen markets get excited about the prospect of a rate hike from the Bank of England (BoE), potentially before the year is out. However policymakers are likely to continue to stress that their tolerance for above-target inflation is not unlimited and the market is underestimating their willingness to act.

BOE Governor Mark Carney warned in August that rates could go up faster than investors expect, but the central bank is widely seen as keeping policy on hold for now.

'The costs of raw materials and goods leaving factories also increased slightly, mainly due to oil and fuel prices'.

Hurricane Irma power outages in South Florida, Keys
Limited service has now resumed at several of Florida's airports, including at Miami International. The estimated damage in the U.S. is greater than the damage caused by Hurricane Katrina in 2005.

United Kingdom households have lost spending power as their wages are left behind by inflation.

Craig Erlam, senior market analyst at Oanda, said: "The rally in the pound over the last week or so and the moves after yesterday's CPI release would suggest traders are pricing in an increasing likelihood of a rate hike over the next 12 months".

"(The BoE has) clearly signalled in the past that they have very little tolerance now for further upside inflation surprises, and today's release is unwelcome from that perspective", said MUFG currency strategist Lee Hardman, adding that the repeal bill vote had removed further downside risk for sterling.

That's why most economists think the Bank of England will keep its benchmark interest rate unchanged at the record low of 0.25 percent on Thursday, even though inflation is markedly above its 2 percent target.

Despite scorn for nuclear deal, Trump will likely waive sanctions against Iran
Trump's disdain for Iran's behavior and the nuclear deal predates his presidency. Last week, Trump's ambassador to the United Nations, Nikki R.


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