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UK inflation cools as fashion prices fall due to summer sales
20 Aug '21
1 min read
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A fall in fashion prices due to summer sales led to cooling of inflation rate in the United Kingdom to 2 per cent in July, down from a near three-year high of 2.5 per cent in June. The Office of National Statistics (ONS) said the consumer price index (CPI) is now in line with the target set by the Bank of England (BoE), which warned earlier that inflation could hit 3 per cent by 2021 end.
The ONS said petrol was the biggest contributing factor to rising inflation, with average petrol prices at 132.6 pence per litre in July 2021, compared with 111.4 pence per litre a year earlier, according to UK media reports.
The retail price index, a separate measure of inflation, increased to 3.8 per cent. The number in July is typically used to calculate rises in regulated rail fares.
The CPI, including owner-occupiers’ housing costs (CPIH)—the ONS’s preferred measure of inflation—was 2.1 per cent for the month, compared with 2.4 per cent in June.
The ONS said petrol was the biggest contributing factor to rising inflation, with average petrol prices at 132.6 pence per litre in July 2021, compared with 111.4 pence per litre a year earlier, according to UK media reports.
The retail price index, a separate measure of inflation, increased to 3.8 per cent. The number in July is typically used to calculate rises in regulated rail fares.
The CPI, including owner-occupiers’ housing costs (CPIH)—the ONS’s preferred measure of inflation—was 2.1 per cent for the month, compared with 2.4 per cent in June.
Fibre2Fashion News Desk (DS)
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