Saturday, 18 August, 2018

Rising fuel prices spur inflation in May

The previous high in retail inflation was in January this year at 5.7 per cent The previous high in retail inflation was in January this year at 5.7 per cent
Priscilla Morrison | 14 June, 2018, 11:15

The Consumer Prices Index including owner-occupiers' housing costs (CPIH) - the ONS' preferred measure of inflation - was 2.3 per cent in May, up from 2.2 per cent in April 2018.

On a month-on-month basis, the Headline index increased by 1.09 percent in May 2018, up by 0.26 percent points from the rate recorded in April 2018.

"Despite the drop in inflation, the current inflation rate is still above the targeted single digit".

On a month-on-month basis, the headline index showed an increase by 1.09 per cent during the month, about 0.26 per cent points rise from the rate recorded in April 2018.

This, it stated was less than 15.47 per cent in April, while corresponding rural inflation rate in May was 14.53 per cent compared to 14.95 per cent recorded in April.

Mike Hardie, head of inflation at the ONS said: "Recent large rises in the cost of crude oil have fed through to prices paid by consumers at the pump".

This, it noted was down by 0.2 per cent from the rate recorded in April, which was 10.9 per cent.

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Ruth Gregory, senior United Kingdom economist at Capital Economics said oil prices are expected to fall later this year and overall "the inflation figures have not altered our view that the [Bank of England's] MPC will probably press ahead and raise interest rates in August".

India's annual retail inflation accelerated in May to 4.87 percent, government data showed on Tuesday, mainly driven by faster increases in fuel prices and a fall in the local currency, which pushes up prices of imported goods.

The average annual rate of change of the food sub-index for the 12-month period ending May 2018 over the previous 12-month average was 18.36 per cent, 0.53 per cent points from the average annual rate of change recorded in April by 18.89 per cent.

The rise in the index was attributed to increases in prices of some staple food items like potatoes, yam and other tubers, vegetables, fish, bread and cereals, fruits and meat.

Retail inflation rose to a four-month high at 4.87% in May while India's factory output recovered only marginally to grow at 4.9% in April, days after the Reserve Bank of India (RBI) raised interest rates for the first time in four years citing inflation concerns.

On month-on-month basis, the core sub-index increased by 0.98 per cent in May 2018, up by 0.11 per cent when compared with 0.87 per cent recorded in April.

The corresponding twelve-month year-on-year average percentage change for the urban index is 15.10 percent in May 2018. This is higher than the final figure of 4.58% for April.

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