15th November 2017.
Inflation Holds Steady
Figures recently released from the Office for National Statistics show that UK inflation has remained steady at 3%.
This inflationary rate is at a five-and-a-year high, and is despite the recent rise in food prices.
The price of food and non-alcoholic drinks rose at an annual rate of 4.1%, the highest since September 2013.
Maike Currie at Fidelity International warns that while inflation is stable, the recent rise in interest rates may stop the inflation from dropping any further, leaving wage lags and price rises to continue.
The BBC are certain the high inflationary figure is the result of the Brexit referaundem, where the fall in the pound led to a rise in import and export costs.
However, Chris Williamson, chief business economist at IHS Markit, believes that the figures demonstrate how the country is moving on from the Brexit result, insisting that the “worst of this impact has already passed”.
Williamson as well as Sainsbury’s chief executive Mike Coupe, both claim that the country has reached its peak on food prices and are “through the worst”.
Yael Selfin, chief economist at KPMG said the “relatively positive” news on inflation could prompt the Bank to plan fewer rate rises in the next two to three years.
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