The Consumer Prices Index (CPI), a key measure of inflation, has fallen from 1.6% to an annual 1.1% in August – the lowest level since September 2004, the Office for National Statistics (ONS) said today. While the decline in inflation was higher than analysts had expected, it was primarily due to lower food and energy [...]
The Consumer Prices Index (CPI), a key measure of inflation, has fallen from 1.8% to 1.6% in August – the lowest level since February 2005, the Office for National Statistics (ONS) said today. Many analysts had expected it to fall to 1.4%. The fall in CPI was driven by lower food costs, with the price [...]
It was expected that the Consumer Prices Index (CPI), a key measure of inflation, was to fall in July. However, the CPI has remained the same at 1.8%, just slightly below the Bank of England’s target of 2%. This time last year, CPI hit 5.2% (a 16-year high), driven by high oil and food prices. [...]
The Office for National Statistics (ONS) is due to release the latest UK inflation figures today with analysts expecting a decline, albeit the rapid falls seen of late are expected to ease. Last month, the ONS revealed that the Consumer Prices Index (CPI), a key measure of inflation, had fallen to an annual rate of [...]
The cost of goods leaving UK factories declined at the sharpest rate since November 2001, according to figures from the Office for National Statistics (ONS). The ONS said prices in July were down 1.3% compared with this time last year, however, they were up 0.3% compared with June. Meanwhile, input prices (the price of materials [...]
The Consumer Prices Index (CPI), a key measure of inflation, has dipped below the Bank of England’s target of 2%. The Office for National Statistics (ONS) has revealed that the CPI fell to an annual rate of 1.8% in June from 2.2% the previous month. The CPI hit 5.2% in September last year (a 16-year [...]
Figures from the Office for National Statistics (ONS) have revealed today that UK Consumer Price Inflation (CPI) fell from 2.3% in April to 2.2% in May – still in line with the Bank of England’s target of 2%. The fall was much less than analysts had expected who had predicted a sharper fall as a [...]
The Office for National Statistics has announced today that the Consumer Prices Index (CPI), fell to 2.3% in April from 2.9% in March. The fall in CPI was much deeper than had been expected by economists as consumer demand continues to weaken amid the economic downturn. In the meantime Retail Price Index (RPI), which includes [...]
Deflation has occurred for the first time in the UK since the 1960s and the Retail Prices Index (RPI) figure has been used to track the interest rate payments on student loans. However there has always been much speculation as to what would happen if the RPI would turn negative and yet last month, this [...]
Figures out today from the Office for National Statistics (ONS) have revealed that the UK has fallen into deflation for the first time since 1960. A short period of deflation (where prices fall rather than increase) could be a serious threat to the economy because it deters consumers and businesses from spending in expectation of [...]
This week’s announcement that Britain is staring into the abyss of deflation comes as no surprise to small businesses. A recent survey by the Bank of Scotland found that two thirds (66%) of small businesses expected inflation to ‘decrease’ or ‘flatten out’ over the course of 2009. However, the outlook of small businesses is not [...]
The Retail Price Index (RPI) fell to 0% for the first time in nearly fifty years, as the fall out from the credit crunch continues to batter Britain’s shaken economy with the threat of deflation. However, the The Consumer Price Index was reported at 3.2%, rising from 3% last month, suggesting activity on the high [...]
Figures out today from the Office for National Statistics (ONS) have revealed that consumer price inflation (CPI) fell in January to an annual rate of 3% from 3.1% the previous month. Inflation reached a 16-year high in September of 5.2% but today’s fall means the rate is still higher than the Bank of England’s target [...]
Official figures have revealed that the UK’s annual rate of inflation has surged to a record high of 4.4% in July. Inflation is now at its highest level since current records began in 1997. The figure is up from 3.8% in June and is more than double the Government’s target of 2% and above analysts’ [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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