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15/07/2008
Food And Fuel Costs Push Inflation To 3.8%
The continuing food and fuel price rises pushed inflation to 3.8% last month, from 3.3% in May, the Office of National Statistics (ONS) have revealed.
Inflation is now well above the government's target of 2% and June's figure is the highest since the current system was introduced eleven years ago.
The ONS said that the main factors for the rise were the rising prices of food and non-alcoholic drinks.
Petrol prices were also a factor, with surging oil prices driving up the cost of fuel by 5.3 pence per litre last month. Gas and electricity prices remained unchanged, but had fallen a year earlier, and the ONS said that this was also a contributory factor to the inflation rise.
The Retail Price Index inflation measure, which excludes mortgage payments, rose to 4.6% from 4.3% in May.
Commenting on the figures, Shadow Chancellor George Osborne said the official figures had now caught up with "everyone's real experience" of a spiraling cost of living.
Liberal Democrat Treasury spokesperson Vince Cable said: "Even this rose tinted measurement of inflation is now showing the huge strain that soaring food and fuel costs are putting on household budgets.
"With inflation now well above its target, there is absolutely no hope of an interest rate cut in the near future, bringing yet more bad news to already hard pressed families.
"We are now facing the start of an economic climate worryingly reminiscent of the 1970s, with falling demand, rising unemployment and rising inflation.
"Gordon Brown is now facing the consequences of years of inaction over spiraling personal debt and the unsustainable bubble in the housing market.
"The Prime Minister bases his credibility on his economic record, yet it is now becoming startling clear he was asleep at the wheel."
(KMcA/JM)
Inflation is now well above the government's target of 2% and June's figure is the highest since the current system was introduced eleven years ago.
The ONS said that the main factors for the rise were the rising prices of food and non-alcoholic drinks.
Petrol prices were also a factor, with surging oil prices driving up the cost of fuel by 5.3 pence per litre last month. Gas and electricity prices remained unchanged, but had fallen a year earlier, and the ONS said that this was also a contributory factor to the inflation rise.
The Retail Price Index inflation measure, which excludes mortgage payments, rose to 4.6% from 4.3% in May.
Commenting on the figures, Shadow Chancellor George Osborne said the official figures had now caught up with "everyone's real experience" of a spiraling cost of living.
Liberal Democrat Treasury spokesperson Vince Cable said: "Even this rose tinted measurement of inflation is now showing the huge strain that soaring food and fuel costs are putting on household budgets.
"With inflation now well above its target, there is absolutely no hope of an interest rate cut in the near future, bringing yet more bad news to already hard pressed families.
"We are now facing the start of an economic climate worryingly reminiscent of the 1970s, with falling demand, rising unemployment and rising inflation.
"Gordon Brown is now facing the consequences of years of inaction over spiraling personal debt and the unsustainable bubble in the housing market.
"The Prime Minister bases his credibility on his economic record, yet it is now becoming startling clear he was asleep at the wheel."
(KMcA/JM)
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13 August 2007
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
16 January 2006
House price inflation rises slightly
House price inflation has risen by 0.8% from 1.8% in October to 2.5% in November, the latest figures produced by the Office of the Deputy Prime Minister (ODPM) have revealed. The rise in UK prices between October and November was attributed to rises in average prices for all types of houses.
House price inflation rises slightly
House price inflation has risen by 0.8% from 1.8% in October to 2.5% in November, the latest figures produced by the Office of the Deputy Prime Minister (ODPM) have revealed. The rise in UK prices between October and November was attributed to rises in average prices for all types of houses.
12 December 2005
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
12 September 2005
House price rise slowdown continues
Annual house price inflation in July was 4%, down from 5% in June according to figures released today by the Deputy Prime Minister's office. This drop in the growth of house prices pushed the annual house price inflation in London down to 0.9% in July 2005, a fall from the from 1.7% figure in June 2005.
House price rise slowdown continues
Annual house price inflation in July was 4%, down from 5% in June according to figures released today by the Deputy Prime Minister's office. This drop in the growth of house prices pushed the annual house price inflation in London down to 0.9% in July 2005, a fall from the from 1.7% figure in June 2005.
13 June 2005
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.
House price inflation declines
Annual house price inflation dropped to 6.9% in April, a sharp fall from 12.6% in March, according to the latest figures from the Office of the Deputy Prime Minister (ODPM). The ODPM also reported a fall in mix-adjusted prices of 0.8% between March and April, which contrasted sharply with the 4.5% rise during the same period in 2004.
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