Finance

Inflation at highest level in four years

Inflation at highest level in four years

"Fuels & lubricants for personal transport equipment accounted for 7.8% of the CPI weights", the department said.

They are in Melaka (5.4 per cent), Johor (4.8 per cent), Kuala Lumpur, Kedah and Perlis (all 4.7 per cent) and Selangor, Putrajaya and Penang (all 4.6 per cent). "Weaker consumption means slower growth".

The Bank's regional agents report said the pound's fall had bolstered manufacturing exports, as British goods become cheaper for overseas buyers.

Excluding bonuses, earnings rose by 2.1 per cent year on year, the weakest increase since July of last year and below economists' expectations.

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A survey published earlier today showed inflation gnawed further into the budgets of British households this month, resulting in the sharpest fall in cash available to spend in two-and-a-half years.

The price of clothes also climbed to its highest level for six years, stepping up by 1.1% between March and April, while food prices lifted by 0.2% month-on-month after coming in flat last year.

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Tom Grasswick, the man in the picture snapped by Koljonen, said he reacted on instinct when the deer ran into him. "Walmart shoppers in Wadena got a real sense of the outdoors Tuesday night when a deer strolled into the store".

"With little sign of overheating in the domestic economy, and only one (Bank of England). member voting for higher rates at last week's policy meeting, it seems rates will be stuck at 0.25 per cent for some time", said Ben Brettell, economist at stockbroker Hargreaves Lansdown. The price of clothes rose 1.1 per cent between March and April, compared to a 0.4 per cent decline a year prior.

The consumer price inflation is well within the limit of 2 to 6 per cent, prescribed by the Reserve Bank of India (RBI).

"We remain convinced that the market is underestimating the further upside for inflation from here", Scotiabank analyst Alan Clarke said, adding that he expected utility bills, food costs and the weak pound to put more pressure on prices in future.

Despite the price hikes, the cost of gas dropped by 0.6% over the period.

Consumer price inflation (CPI) saw an overall slip of 2.99 per cent in April this year compared to 3.89 per cent in March.

Data released yesterday showed consumer price inflation picked up speed in April to hit 2.7 per cent and many economists think it will reach 3 per cent soon.

The ONS's new preferred inflation measure of CPIH, which contains a measure of housing costs, rose to 2.6% from 2.3% in March. "Both of these conditions are being satisfied at present".


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