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16/08/2005
Travel costs lead to inflation rise
Increasing transport costs have led to a rise in inflation, new figures from the Office of National Statistics (ONS) have shown.
The Consumer Prices Index (CPI) inflation – the government’s target measure – rose to 2.3% in July, the highest rate since the start of the official series in 1997.
The ONS attributed the rise to increasing petrol pump rises, as well as increasing air and sea travel costs.
Furniture prices also contributed to the increase, with prices changing little this year as price recoveries in some major retail chains offset summer sales in other outlets, and increased charges on some banking services also had an upward effect.
However, food had the biggest downward influence on the CPI, with fruit prices - particularly strawberries and grapes – falling by more than they did last year. A further downward effect came from recreation and culture, with a drop in the cost of July package holidays, mainly to Mediterranean destinations, compared to a rise last year. The price of children’s toys also fell by more than last year.
The Retail Prices Index (RPI) inflation, which includes housing costs, remained unchanged in July at 2.9%. Mortgage interest payments, which showed a larger increase a year ago, following last June’s quarter point rise in the base rate, had the biggest downward effect, while a further downward effect came from depreciation costs.
RPIX inflation – which excludes mortgage interest payments – rose to 2.4% in July, an increase from 2.2% in June.
(KMcA/SP)
The Consumer Prices Index (CPI) inflation – the government’s target measure – rose to 2.3% in July, the highest rate since the start of the official series in 1997.
The ONS attributed the rise to increasing petrol pump rises, as well as increasing air and sea travel costs.
Furniture prices also contributed to the increase, with prices changing little this year as price recoveries in some major retail chains offset summer sales in other outlets, and increased charges on some banking services also had an upward effect.
However, food had the biggest downward influence on the CPI, with fruit prices - particularly strawberries and grapes – falling by more than they did last year. A further downward effect came from recreation and culture, with a drop in the cost of July package holidays, mainly to Mediterranean destinations, compared to a rise last year. The price of children’s toys also fell by more than last year.
The Retail Prices Index (RPI) inflation, which includes housing costs, remained unchanged in July at 2.9%. Mortgage interest payments, which showed a larger increase a year ago, following last June’s quarter point rise in the base rate, had the biggest downward effect, while a further downward effect came from depreciation costs.
RPIX inflation – which excludes mortgage interest payments – rose to 2.4% in July, an increase from 2.2% in June.
(KMcA/SP)
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