High wholesale vegetable prices leave common man burdened


This is because it makes it slightly less likely that the Bank of England will decide to raise interest rates at its next Monetary Policy Committee meeting on August 2.

Economists had expected higher energy prices to push the rate up to 2.6%, but this was offset by falling prices for clothes and games.

"However, gas and electricity and petrol prices all rose, with consumers seeing the highest price at the pump for almost four years, with inflation remaining steady overall".

The ONS's preferred measure of inflation which includes housing costs, CPIH, also remained steady, at an annual rate of 2.3 per cent.

Fed Chairman Jerome Powell gave an upbeat assessment of the outlook for the USA economy on Tuesday and downplayed the impact of uncertainty over US trade policy on the outlook for additional rate hikes.

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Today's data raises the prospect of the Bank of England raising interest rates at a time when inflation has stagnated, wage growth remains tepid, the United Kingdom faces political chaos at home, and the prospect of a damaging trade war hangs over the global economy. "The large downside surprise adds more uncertainty around what had until now appeared a near-certain August rate hike", JPMorgan economist Allan Monks said.

Petrol prices are up 17.45 percent in June from 13.90 in May, while diesel prices grew 21.63 percent in June as compared to 17.34 percent in May.

Underlying inflation rose by 1.9% on a year-over-year basis, slowing from 2.1% in the previous month and missing forecasts of 2.2%.

But some relief emerged for consumers on the high street, where clothing discounts, most strongly felt in men's apparel, left more cash in shoppers' wallets.

A Reuters poll of economists published on Tuesday showed 47 out of 75 thought the BoE would raise rates to a new post-financial crisis high of 0.75 per cent in August.

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On a related note, the latest price data released by the commerce and industry ministry shows the Wholesale Price Index (WPI) witnessing a growth of 4.43 percent in May and 0.90 percent in June 2017 primarily driven by some food items and fuel prices.

The Bank has raised interest rates before in the past even when inflation has been below its two per cent target, in the expectation that inflationary pressures will build over the medium term.

The Retail Prices Index, a separate measure of inflation, was 3.4 per cent last month, up from 3.3 per cent in May. The worst-performing region was London, where prices fell 0.4 percent as Brexit fears and stretched affordability sapped demand.

House prices also increased the slowest in five years according to the ONS, with flat prices staying the same for a year.

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