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21/03/2006
UK inflation increases in February
UK inflation rose by 2% in February, the Office for National Statistics has announced.
Consumer price inflation - the government's target measure - increased from 1.9% in January, the ONS reported.
The biggest upward effect was caused by the rising cost of recreational and cultural items. Prices for items such as computer games increased in February, in contrast with sales a year ago, while prices for newspapers, books and stationery also increased. The ONS also said that prices of hardback books also recovered in February, following special offers a month earlier.
Small upward effects also came from printer papers, with prices falling by less than a year ago when there were half prices sales at some outlets, as well as from furniture, household equipment and routine maintenance, with prices for some carpets increasing in February.
The only large downward effect on the CPI came from transport. Air fares fell in February for the second month in a row. Reduced fares this year, particularly on domestic routes, contrasted with price rises a year ago for both domestic and international travel.
Another small downward effect came from fuels and lubricants. The average recorded price for a litre of petrol rose by 0.4p in February to stand at 89.2p. This increase was less than in February 2005 when average prices rose by 0.6p per litre to 79.8p.
Small downward pressures also came from alcoholic beverages and tobacco, with prices dropping in February compared with rises a year ago.
Retail price inflation was unchanged in February, remaining at 2.4% and was influenced by many similar factors to those that affected the CPI. In addition, a small upward pressure came from housing costs that are excluded from the CPI. House depreciation costs increased with the smoothed ODPM house price index, used to calculate the depreciation component, rising by more than a year ago.
RPIX inflation - the all items RPI excluding mortgage interest payments - remained unchanged from January at 2.3%.
(KMcA/GB)
Consumer price inflation - the government's target measure - increased from 1.9% in January, the ONS reported.
The biggest upward effect was caused by the rising cost of recreational and cultural items. Prices for items such as computer games increased in February, in contrast with sales a year ago, while prices for newspapers, books and stationery also increased. The ONS also said that prices of hardback books also recovered in February, following special offers a month earlier.
Small upward effects also came from printer papers, with prices falling by less than a year ago when there were half prices sales at some outlets, as well as from furniture, household equipment and routine maintenance, with prices for some carpets increasing in February.
The only large downward effect on the CPI came from transport. Air fares fell in February for the second month in a row. Reduced fares this year, particularly on domestic routes, contrasted with price rises a year ago for both domestic and international travel.
Another small downward effect came from fuels and lubricants. The average recorded price for a litre of petrol rose by 0.4p in February to stand at 89.2p. This increase was less than in February 2005 when average prices rose by 0.6p per litre to 79.8p.
Small downward pressures also came from alcoholic beverages and tobacco, with prices dropping in February compared with rises a year ago.
Retail price inflation was unchanged in February, remaining at 2.4% and was influenced by many similar factors to those that affected the CPI. In addition, a small upward pressure came from housing costs that are excluded from the CPI. House depreciation costs increased with the smoothed ODPM house price index, used to calculate the depreciation component, rising by more than a year ago.
RPIX inflation - the all items RPI excluding mortgage interest payments - remained unchanged from January at 2.3%.
(KMcA/GB)
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