Consumer Price Inflation in Control in UK; Property Prices Rise
British Consumer price inflation remained lower in July at 2.8 percent compared to 2.9 percent during June. As the clothing costs, footwear and airfares were down, the inflation data remained lower. Across the country, retailers reduced the prices of clothing and offered discounts. The gas prices were higher in UK during July.
The house prices across UK are rising fast. This could also lead to increase in rental rates. The house prices are not counted while calculating consumer price inflation. As per data, the house prices are going up at an average rate of 3.1%.
The Bank of England aims to bring down inflation to 2 percent. The oil prices are having a major impact on the inflation. Factory gate inflation was growing faster.
Mark Carney of Bank of England pointed out that the house price rise will not have any major impact on the monetary policy. Market analysts were expecting Bank of England to raise interest rates earlier than expected to keep the house prices in control.
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