The Consumer Price Index (CPI) rose further in January by 1.8 per cent, up from 1.6 per cent in the previous month. This is the highest inflation rate since June 2014 but slightly below the consensus view of 1.9 per cent. The CPIH, which includes a measure of owner occupier housing costs and will become the headline measure of inflation next month, stood at 2.0 per cent in January, up from 1.7 per cent in December.The upward movement in the annual CPI rate in January was driven by the broad categories of Transport and Food. The annual rate of food deflation, 0.4 per cent, is the shallowest since June 2014. Meat, fish and vegetables have all contributed to increasing food prices since the end of 2016. The price of some vegetables continue to be driven up by poor harvests in areas of Europe.Looking ahead, we maintain our view of inflation reaching 3 per cent by Autumn 2017. Indeed, it could be as high as 2.5 per cent by Easter as contracts begin to unwind and retailers begin to pass through costs.
UK Retail Inflation Report
Retail Economics reports a range of retail inflation indices on a monthly basis. Subscribers have access to all data (analytical reports and interactive data) and category breakdowns including food inflation, non-food inflation, clothing and footwear, household goods, food, DIY and gardening, consumer electricals, commodity prices, exchange rates and more.
UK Retail Inflation - February 2017
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The UK Retail Inflation report includes:
|Summary and economic overview|
|Consumer inflation by category|
|Prices, costs and margins|
|Comparison of inflation benchmarks|
|Producer and Factory Gate inflation|
|Summary of external retail sales sources including Office for National Statistics, British Retail Consortium, commodity prices, commodity benchmarks, exchange rates and more|