May 23, 2018

British inflation rate rises to 4-year high of 2.9 pct

17 June 2017, 07:32 | Cesar Cruz

British inflation rate rises to 4-year high of 2.9 pct

British inflation rate rises to 4-year high of 2.9 pct

United States inflation data for the month of May showed consumer prices unexpectedly falling on a monthly basis, marking the second drop in three months.

"On a month-on-month basis, the headline index increased by 1.88% in May 2017, 0.28% points higher than the rate of 1.60% recorded in April 2017 indicating the existence of persistence pressure on prices despite the general decline in year on year inflation". The underlying increase was held at 0.1% with a 1.7% annual advance, also below consensus expectations. Sales excluding auto fuel dropped 1.6 percent, the most this year.

"Price movements recorded by All Items less farm produce or Core sub-index rose by 13.00& (year-on-year) in May, down by 1.80% points from rate recorded in April (14.80%)". They will increase unless June sees a fall of 3.3 per cent drop, a decline last seen in 2008.

In commodities, oil prices fell more than 1 percent, on the backfoot again on worries about USA oversupply.

The figures showed the challenge facing Prime Minister Theresa May and her new government, with signs that households are feeling the strain of rising prices since last year's vote to leave the European Union, weighing on the broader economy. U.S. consumers cutting down on their purchases of motor vehicles and other discretionary spending contributed to the decline.

The figure in March this year was also down 7,000 on the previous quarter.

FIFA targets gay slurs by Chile, Mexico fans in Russia
Chile is ranked fourth, but lacks the same tradition as Portugal and Mexico and has struggled in South American qualifying. It is played by the continental champions plus the host nation and the World Cup victor .

The dollar recorded sizable losses as the above data hit the markets. The index, which tracks the greenback against the currencies of major USA trade counterparts, was above the 97 level before the data release.

The dollar steadied against its Canadian counterpart after skidding to its lowest levels since late February in the wake of hawkish comments from Bank of Canada Governor Stephen Poloz, who signalled that the BOC could raise interest rates sooner than previously thought.

The euro rose to its highest since November 9 against the dollar, hitting $1.1295.

The dollar drifted in recent ranges in the calm before a forecast Federal Reserve storm, as investors awaited signals later in the global session on the Fed's policy outlook. The market was expecting it to stay flat.

British inflation remains stubbornly above the Bank of England's 2.0-percent target.

Other News

Trending Now

Iowa's unemployment rate holds steady at 3.1 percent
Labor force statistics, including the unemployment rate, are based on estimates from the Current Population Survey of households. As the number of employed residents rose, the number of jobless residents declined by 6,021 to 246,348.

Katy Perry Reaches Record 100M Twitter Followers
The Perry that is fully present and awake now, she said, is working to confront those issues. Twitter celebrated the major milestone with a video of some of her tweets over the years.

Heckmondwike and Spen to remember Jo Cox with family get togethers
Mair was jailed for life after being convicted of her murder at the Old Bailey in November previous year . But our family has not been broken.

Grief turns to anger in neighborhood near tower fire
The Guardian newspaper reported Friday that Omnis Exteriors supplied the aluminum composite material used in the cladding. Queen Elizabeth II and Prince William on Friday visited an aid distribution site and met with volunteers.

Hundreds protest after officer acquitted in fatal shooting of Philandro Castile
Officer Jeronimo Yanez was cleared of that charge and two lesser ones Friday in the death of 32-year-old Philando Castile . Jurors spent a lot of time dissecting the "culpable negligence" requirement for conviction, Ploussard said.

Escaped Ga. Inmates Who Killed 2 Guards Captured In Tennessee, Police Say
Sills said the Honda Civic they carjacked at the killing scene was hidden in some woods, and they walked to the quarry from there. A photo of the two suspects after their capture was quickly shared by law enforcement and news agencies across the country.

Play inspired by Mideast peace talks wins in NY
Josh Groban and the cast of Natasha, Pierre & The Great Comet of 1812 went all in for the final performance of the night. Best Performance by an Actress in a Featured Role in a Play: Cynthia Nixon , " Lillian Hellman's The Little Foxes ".

Golden State Warriors Get The Best Of The NBA's First Finals Trilogy
Responding to a question about Durant's first win in the NBA Finals , James said , "Well I'm not happy he won his first". But as we all know, the Spurs just don't give a hoot about ratings or, for that matter, media attention of any kind.

Walmart to acquire online men's clothing retailer Bonobos
Be proactive - Use the "Flag as Inappropriate" link at the upper right corner of each comment to let us know of abusive posts . Share with Us - We'd love to hear eyewitness accounts, the history behind an article, and smart, constructive criticism.

E3 2017: Super Mario Odyssey Developer Diary Leaps Into View
Firstly, player two's Cappy can just fly off in any direction within a certain radius of Mario and simply hover around. This type of two-player mode also seems like a way to protect Mario from incoming enemies.