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Inflation reaches 3%
Published: 13/05/2008 |
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Inflation has reached three per cent, according to the government's Consumer Price Index (CPI). The largest upsurge was from housing and household services, which were heavily influenced by recent changes in fuel prices. In response to the news, Ian Kernohan, of Royal London Asset Management, told the BBC, the Bank of England "needs to explain why it is cutting rates when inflation is rising". Further upward contributions came from, food, restaurant, alcohol, tobacco, recreation, culture and furniture and fittings' sectors. Falling transport costs helped to keep prices down, partly due to air fares, which fell in April. Clothing and footwear prices also helped restrict the upward trend, although Retail Price Inflation (RPI) rose to 4.2 per cent, an increase from 3.8 per cent in March. The Office for National Statistics, which compiled the figures, said as a measure of inflation, the UK inflation rate in March, at 2.5 per cent, was below the provisional figure for the European Union.  |
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