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News Tag: inflation

December 18, 2012

Monthly incomes £22 lower in 2012

by Jan Harris
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE reported. The survey, which was published by ...




December 13, 2012

Chancellor open-minded about ending inflation target

by Jan Harris
Chancellor open-minded about ending inflation target
Chancellor George Osborne has welcomed remarks made by the incoming Governor of the Bank of England about scrapping the inflation target to focus on gross domestic product (GDP). Such a change in strategy would require the Bank of England to introduce new measure to stimulate the economy, even if this caused inflation to rise. Mark Carney, who will take over from Sir ...




November 13, 2012

Inflation increases to 2.7%

by Jan Harris
Inflation increases to 2.7%
A combination of higher tuition fees and food prices pushed the inflation rate up to 2.7 per cent last month, according to the latest figures from the Office for National Statistics (ONS). Inflation on the Consumer Prices Index (CPI) increased to 2.7 per cent from 2.2 per cent in September, while the Retail Prices Index (RPI) measure of inflation, which includes housing costs, ...




October 22, 2012

Scottish Widows highlights growing gender gap in pensions

by Jan Harris
Scottish Widows highlights growing gender gap in pensions
Women are saving £766 a year less than men for their retirement according to life, pensions and investment firm Scottish Widows. A new report by the firm suggests that the gender gap in pension savings has increased by 10 per cent in the last 12 months and is now at a record high level. Women are able to save ...




October 16, 2012

Inflation falls to 2.2%

by Jan Harris
Inflation falls to 2.2%
The rate of inflation on the Consumer Prices Index (CPI) fell to 2.2 per cent last month according to the Office for National Statistics (ONS), its lowest level since November 2009. In August, CPI inflation, which excludes mortgage interest payments, stood at 2.5 per cent. The Retail Prices Index (RPI) measure of inflation, which includes mortgage payments, fell to 2.6 per cent in ...




September 18, 2012

Inflation falls to 2.5 per cent

by Jan Harris
Inflation falls to 2.5 per cent
Inflation fell to 2.5 per cent in August, from 2.6 per cent in the previous month, as measured by the Consumer Prices Index (CPI). The latest official figures from the Office of National Statistics also show that inflation also fell on the Retail Prices Index (RPI) measure, from 3.2 per cent in July to 2.9 per cent in August. The fall ...




July 31, 2012

Households’ disposable income falls

by Jan Harris
Households’ disposable income falls
In the 2012 first quarter, individuals’ disposable income fell to the lowest level since 2003, according to new figures from the Office for National Statistics. Spending power is being eroded because wages are failing to keep up with inflation causing the average disposable income in the first quarter to fall to £273. Disposable income including tax and benefits fell by 1 per cent ...




July 17, 2012

Outlook improves for UK economy

by Jan Harris
Outlook improves for UK economy
The UK economy could recover more quickly than expected according to economic forecasting group the Ernst & Young Item Club. The Item Club expects the UK to return to growth in the second half of this year, marking an end to the double-dip recession. However this depends on a solution being found to the debt crisis in the eurozone. The UK economy contracted ...




June 26, 2012

One in five people have no savings

by Jan Harris
One in five people have no savings
New research by Santander has found that eleven million adults in the UK have no savings to fall back on in times of crisis. This equates to one in five adults, and those who are saving, are saving less than they used to, Santander found. Over the past year, the average amount saved each month has fallen 7 per cent from ...




June 19, 2012

Inflation falls to 2.8%

by Jan Harris
Inflation falls to 2.8%
Inflation fell to 2.8 per cent on the Consumer Prices Index in May, from 3 per cent in April, surprising economists who had not expected it to change. Inflation also fell on the Retail Prices Index, which includes housing costs, from 3.5 per cent in April to 3.1 per cent in June. Inflation is now at its lowest level for two ...




May 29, 2012

Workers will start to feel better off this year

by Jan Harris
Workers will start to feel better-off this year
British workers will start to benefit from lower inflation and taxes this year, ending the year £482 better off than they were in 2011, according to a new report. The Ernst & Young ITEM Club suggests that inflation could fall to two per cent by the end of the year, as long as oil prices continue to fall. This would ...




May 10, 2012

BoE holds interest rates and stops quantitative easing

by Jan Harris
BoE holds interest rates and stops quantitative easing
The Bank of England is holding the base rate at 0.5 per cent and has decided not to extend its quantitative easing (QE) programme following a £50bn boost to the economy in February. The UK interest rate has now remained at 0.5 per cent for three years, despite high levels of inflation. Consumer Prices Index inflation currently stands at ...




May 1, 2012

Leisure costs soar but disposable income falls

by Jan Harris
Leisure costs soar but disposable income falls
The cost of the majority of leisure activities has grown to its highest level for a decade while the amount of income people have left after paying all their bills is falling. According to new research by the Halifax, the cost of football tickets, train tickets, petrol, eating out and going to the gym have all soared since 2002. Gardening is ...




April 17, 2012

Inflation rises unexpectedly in March

by Jan Harris
Inflation rises unexpectedly in March
Higher food and clothing prices helped to push inflation up slightly to 3.5 per cent in March, from 3.4 per cent in February. The rise in inflation on the Consumer Prices Index (CPI) was unexpected and represents a break in a downward trend which started in September. It is a setback to the Bank of England’s efforts to achieve the government’s ...




February 14, 2012

Inflation down to 3.6% in January

by Jan Harris
Inflation down to 3.6% in January
Inflation fell sharply in January to 3.6 per cent on the Consumer Prices Index (CPI), from 4.2 per cent in December, according to the latest official figures. Retail Prices Index (RPI) inflation, which includes housing costs such as mortgage interest and council tax, fell to 3.9 per cent from 4.8 per cent. Although CPI inflation has fallen for the last four ...




January 20, 2012

Unilever trustees back pension changes

by Jan Harris
Unilever trustees back pension changes
Consumer goods manufacturer Unilever has been given the backing of its trustee board for proposed changes to its pension scheme. The company’s employees are currently involved in strikes against the proposal to close its final salary pension scheme. In a statement the trustees said: "Whilst the trustee board does not welcome the company's decision to cease final salary accrual, it has concluded it ...




January 19, 2012

Older people affected worst by inflation

by Jan Harris
Older people affected worst by inflation
This month's official figures show that inflation has fallen from 4.8 per cent to 4.2 per cent but two new studies show that older age groups suffer the most from high inflation, and at 4.2 per cent it is still well above the government’s 2 per cent target. Saga’s monthly Price Index shows that since the onset of the credit ...




January 17, 2012

Inflation falls to 4.2%

by Jan Harris
Inflation falls to 4.2%
The rate of Consumer Prices Index (CPI) inflation fell to 4.2 per cent in December, from 4.8 per cent in November, according to the latest figures from the Office for National Statistics (ONS). This is the third consecutive month that inflation has fallen and December’s figures represents the biggest monthly fall since April 2009. Inflation is now at its lowest level since June ...




December 15, 2011

Brits losing faith in inflation strategy

by Jan Harris
Brits losing faith in inflation strategy
The Bank of England’s latest inflation attitudes survey suggests that fewer people believe inflation is being controlled effectively with interest rates. In August, when the survey was last carried out, the proportion satisfied that the Bank was doing its job to set interest rates to control inflation, versus those dissatisfied, was 16 per cent, but this figure fell to just 9 ...




December 14, 2011

Inflation on downward trend

by Jan Harris
Inflation on downward trend
The Consumer Prices Index (CPI) rate of inflation fell to 4.8 per cent in November it was revealed yesterday, representing the second consecutive 0.2 percentage point monthly decline. Although the price of domestic heating and alcohol increased during the month, this was offset by a fall in the cost of food, petrol, clothing, furniture and household equipment. A good harvest and competition ...