Rocketing Petrol Prices Help Inflation Soar
Posted on: Wednesday, 17 August 2005, 09:00 CDT
Rocketing petrol prices help inflation soar LONDON, August 16 (Xinhua) -- Inflation in Britain soared to 2.3 percent in July on the back of surging petrol prices.
The figure is the highest level since comparable figures began in 1997, said the Office for National Statistics. It is the first time the Consumer Price Index(CPI), a new way of measuring which leaves out mortgage repayments, has risen above the 2 percent target since it was adopted in December 2003, according the Sky TV on Tuesday
. The Bank of England last week predicted inflation was likely to rise above its target on the back of sky-high oil prices. However, the latest number is still above expectations and likely to douse expectations of further interest rate cuts ahead. Petrol prices added 0.13 percent to the annual CPI rate as crude oil costs have risen, the ONS said. There were also upward contributions from air and sea travel. Another large upward effect came from furniture where prices were little changed this year as price recoveries in some major retail chains offset summer sales in others. The main downward effect came from food prices.Source: Xinhua News Agency - CEIS
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