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16/11/2004
Rise in petrol prices drives up inflation rate
Recent rises in energy costs, particularly in petrol prices, have seen the inflation rate top 1.2% for October, according to the Office of National Statistics (ONS).
Increasing crude oil costs saw prices at the pumps gain an average of around 2p per litre, pushing the CPI inflation rate – the government's target measure – up by 0.1% on September's mark.
At the same time, significant increases in electricity and gas tariffs announced by a number of major suppliers led to a rise in average household heating bills last month. The cost of domestic heating oil also rose by more than last year, the ONS said.
Further upward effects came from package holidays, which saw prices rise this October on a range of destinations compared with the less typical price reductions recorded throughout 2003.
In food produce sector, fresh vegetable prices rose this year but fell a year ago.
These upward effects were partly offset by price reductions this October for car purchase, various travel fares, and TV and video rentals.
The RPI inflation rate, which includes indexation of pensions, state benefits and index-linked gilts, was also boosted by similar factors – rising 0.2% to 3.3% in October.
In particular, depreciation - the amount home owners need to spend to maintain their property - rose by more than a year earlier, reflecting stronger growth so far this year in house prices.
The annual rate for the all-items RPI excluding mortgage interest payments (RPIX) was 2.1% in October, up from 1.9% in the previous month.
(gmcg/sp)
Increasing crude oil costs saw prices at the pumps gain an average of around 2p per litre, pushing the CPI inflation rate – the government's target measure – up by 0.1% on September's mark.
At the same time, significant increases in electricity and gas tariffs announced by a number of major suppliers led to a rise in average household heating bills last month. The cost of domestic heating oil also rose by more than last year, the ONS said.
Further upward effects came from package holidays, which saw prices rise this October on a range of destinations compared with the less typical price reductions recorded throughout 2003.
In food produce sector, fresh vegetable prices rose this year but fell a year ago.
These upward effects were partly offset by price reductions this October for car purchase, various travel fares, and TV and video rentals.
The RPI inflation rate, which includes indexation of pensions, state benefits and index-linked gilts, was also boosted by similar factors – rising 0.2% to 3.3% in October.
In particular, depreciation - the amount home owners need to spend to maintain their property - rose by more than a year earlier, reflecting stronger growth so far this year in house prices.
The annual rate for the all-items RPI excluding mortgage interest payments (RPIX) was 2.1% in October, up from 1.9% in the previous month.
(gmcg/sp)
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Halifax report continuing rise in house prices
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Halifax report continuing rise in house prices
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NI house prices amongst fastest growing in UK
House prices in Northern Ireland have been growing faster than anywhere else in the UK outside London and the Home Counties, according to business advisors PricewaterhouseCoopers (PwC). According to the latest issue of PwC’s ‘UK Economic Outlook’, London house prices rose by 250% since 1995, followed by the southeast of England and East Anglia.
20 January 2006
Mortgage lending shows strong growth
Mortgage lending was strong at the end of 2005, according to the latest figures from the Council of Mortgage Lenders. The CML said that an estimated £26.3 billion was lent to borrowers in December, a 25% increase on figures from the same month in 2004.
Mortgage lending shows strong growth
Mortgage lending was strong at the end of 2005, according to the latest figures from the Council of Mortgage Lenders. The CML said that an estimated £26.3 billion was lent to borrowers in December, a 25% increase on figures from the same month in 2004.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
