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Tuesday, June 14, 2011

United Kingdom: CPI Inflation Remains At 4.5%, RPI Inflation At 5.2%

Inflation remains high in the United Kingdom.  Consumer price index (CPI) rose 4.5% in May compared to a year ago, same as April and matching consensus. 

The CPI was flat mainly due to both downward and upward pressures on prices in different categories offsetting each other.  Transport and furniture are the major components which dragged the overall prices down, while good and non-alcoholic beverages were the major components which drive prices upward, and so as alcohol and tobacco as well as miscellaneous goods. 

The core inflation excluding energy, food, alcoholic beverages and tobacco, rose 3.3% in May over a year ago, vs. 3.7% yoy in April

Retail Price Index (RPI) rose 5.2% in May compared to a year ago, also unchanged from April and matching consensus estimates.

Source: Office for National Statistics

The headline figures for both CPI and RPI came out all as expected, although still way above the target of 2%, thus the Bank of England are also caught in a dilemma, just as their Chinese counterpart is, where inflation is high and growth is, well, anaemic in the case of the United Kingdom, and slowing down in China.

The Bank of England held the interest rate and the asset purchase programme a.k.a. quantitative easing unchanged in the May MPC meeting, and its minutes will be out on 22 June.  It would be interesting to see their latest assessment on the economy as the minutes is out.

This article originally appeared here: United Kingdom: CPI Inflation Remains At 4.5%, RPI Inflation At 5.2%
Also sprach Analyst - World & China Economy, Global Finance, Real Estate

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