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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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Mortgage lending shows strong growth
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