Rising fuel costs push United Kingdom inflation higher

The pickup in prices, which also reflected higher retailer and wholesaler margins, is the latest signal that broader inflation continues to move toward the goal of Federal Reserve policy makers. Sales patterns may have contributed to this, as the proportion of items on sale increased by more between December 2016 and January 2017 than it did a year ago, ONS said.

Prices in wholesale markets rose 5.25 percent last month from a year earlier, their fastest gain since July 2014, government data on Tuesday.

Pulse inflation moderated to 6.21 per cent, from 18.12 per cent in December.

But this might be the end of the cooling cycle for inflation.

"Going ahead, non-food components would tend to be upward moving". Even excluding the more volatile categories of food and energy, prices were still up by nearly as much at 2.3 percent.

The Reuters poll of 26 economists estimated the inflation to be slowed to 3.22% in January, which would be the lowest in the index's five-year history.




Crisil, while commenting on the CPI figures released on Monday, also said that retail inflation could see upside pressures hereon. "In the construction sector, the inflation has been driven by weak British pound affecting the price of imported materials". It was the largest year-over-year gain in 11 years. "The base effect too would have been exhausted by this time".

Overall food prices were flat between December and January after falling 0.6 per cent a year ago, as the sharp drop in grocery costs - triggered by the supermarket price war - ground to a halt.

However, Nossek does not expect inflation to reach much higher than 2 per cent as he believes the oil price lacks momentum - despite production cuts from Opec and non-Opec nations.

Reacting to the rise in the WPI inflation, rating agency CARE said " As expected, the WPI inflation witnessed an increase owing to an increase in fuel and power prices.

An economist from Icra, however said that fuels are unlikely to put extra pressure on retail inflation in the near term.

Segment-wise, price of high-speed diesel rose by 31.10 per cent last month, while that for gasoline or petrol climbed by 15.66 per cent and for LPG by 1.52 per cent.

Related news:

Hot News

isis-killer-beheading-video-story-top PFA defends its support of ex-footballers suffering from dementia
Feb 16, 2017 - 01:20
While the study was limited in size, it marks the first time that CTE has been confirmed in a group of retired soccer players . CTE has most commonly been found in players that participated in contact sports and sustained repeated concussions.

Ex-WWE Exec Linda McMahon Confirmed By Senate
Feb 16, 2017 - 01:19
She lost races in 2010 and 2012, spending almost $100 million of her own money on the campaigns. Richard Blumenthal and Chris Murphy - who each defeated McMahon when she ran for the U.S.

isis-killer-beheading-video-story-top Kremlin suggests possible Trump-Putin meeting before G20 in July
Feb 16, 2017 - 01:18
The two sides recently had a phone conversation, that was assessed by many in Moscow and in Washington as a " good start ", and a significant shift in dialogue.

Thousands protest Trump in Mexico City
Feb 16, 2017 - 01:17
The protesters waved Mexican flags and held anti-Trump signs during the march on Sunday through central Mexico City. Some signs read "Respect Mexico" and "We are all Mexico".

Toddler, woman wounded, man killed in Chicago
Feb 16, 2017 - 01:17
The two-year-old boy, identified by U.S. media as Lavontay White , was shot in the head on Tuesday and died later at a hospital. James Johnson, 23, died at Northwestern Memorial Hospital, according to police and the Cook County medical examiner's office.

isis-killer-beheading-video-story-top North Atlantic Treaty Organisation allies must pay more or U.S. will 'moderate its commitment': Mattis
Feb 16, 2017 - 01:16
Flynn quit over allegations he had discussed United States sanctions with Russia's ambassador before taking office. But Trump has made change a priority, saying allies have "been very unfair to us" for not spending more.

isis-killer-beheading-video-story-top UConn women's basketball swishes to a new record
Feb 16, 2017 - 01:15
Against premier competition, the Huskies' average margin of victory in nine games against top-5 opponents has been 14 points. The Gamecocks (21-3, 11-1 SEC) will get a shot to regroup Thursday when they host Vanderbilt (12-13, 2-10 SEC) at 7:00 p.m.

Boy, 10, dies in furniture incident at Topshop
Feb 16, 2017 - 01:14
Bunches of flowers were left against the shop's closed shutters yesterday with passers-by pausing to look at the tributes. Topshop's board and staff said they were "deeply saddened" by the "horrific" incident. "Absolutely shocking news.

isis-killer-beheading-video-story-top How Best To Look After Your Blooms This Valentine's Day
Feb 15, 2017 - 00:59
The store is actually receiving so many orders that she said they've been having a little trouble keeping up with the demand. But this Sunday, employees were hard at work preparing for one of the most profitable holidays for their business.

Elon Musk's Vision of the Future Includes Cyborgs
Feb 15, 2017 - 00:57
In Musk's mind, the human mind needs to evolve to be able to access information quickly and tap into artificial intelligence. The agreement was announced at the World Government Summit this week in the United Arab Emirates.

isis-killer-beheading-video-story-top Eurozone Economy Expands Less Than Estimated
Feb 15, 2017 - 00:57
The index for investors' future expectations fell by 6.2 points to 10.4 points last month, Mannheim-based ZEW said in a statement. Still, it marked a sharp rebound after the German economy barely expanded over the summer months.

Mitsubishi names new SUV the Eclipse Cross | New Release
Feb 15, 2017 - 00:56
At the end of January, Mitsubishi released a teaser image of the new crossover it would unveil at the 2017 Geneva Motor Show. Mitsubishi pulled the plug on the plant altogether then shut it down a year ago , according to Automotive News .

NASA will hunt for alien life on Jupiter moon Europa
Feb 15, 2017 - 00:55
Then, they will collect data which will help them in the preparation for an actual landing on the icy moon of Jupiter. The lander would be quite busy during its brief operational life, as its proposed instrument payload indicates.

isis-killer-beheading-video-story-top On softer food prices, CPI contracts to 3.17 per cent in January
Feb 15, 2017 - 00:53
The DIPP also revised upward inflation estimate for November to 3.38% from the earlier provisional estimate of 3.15%. In diesel and petrol, inflation went up by 31.10 per cent and 15.66 per cent, respectively, during the month.

isis-killer-beheading-video-story-top 9th Circuit, Citing Education and Other Factors, Refuses to Reinstate Travel Ban
Feb 14, 2017 - 01:08
Earlier Friday, Trump vowed to do " whatever is necessary to keep our country safe". And there are tremendous threats to our country.