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18/10/2011
UK Inflation Now At 5.2%
The cost of living continues to rise as UK inflation reaches its highest level since the credit slump began, topping 5.2%.
The Consumer Price Index (CPI), which tracks the prices of UK goods and services, was already more than double its target rate of 2% in August, but jumped in September by more that the worst expectations.
The rate of 5.2% has never been higher since official CPI records began in January 1997.
According to the Office for National Statistics, prices were pushed up by gas and electricity prices where average bills rose this year by 13% and 7.5% respectively between August and September.
Transport was also a big contributor, where prices overall decreased by 2.1% between August and September this year compared to a fall of 3.4% a year ago.
The largest upward effect came from air transport where fares always fall between August and September following the peak summer holiday season, however the fall of 21.2% this year was less than the decrease of 27.8% a year ago.
Last week figures from Eurostat, the statistical office of the European Union, revealed that annual inflation in the Eurozone was 3.0% in September 2011, up from 2.5% in August.
However, according to thisismoney.co.uk, the data is good news for those on pensions and benefits.
The September CPI is used to determine next April's rise in the basic state pension, which will mean the weekly pension will rise by £5.31 a week to £107.46.
"However, as pensioners tend to be disproportionately affected by rises in the average rate of inflation, they will not necessarily see any improvement in their standard of living," the website said.
Despite the rise in benefits and pensions, this year is the first time CPI is used to calculate their rise. Earlier this year, the government controversially decided use CPI instead of the retail prices index (RPI) rate of inflation, which scaled 5.6% in September, its highest rate in 20 years, and would have seen even better increases for the elderly and benefit claimants.
(DW/BMcC)
The Consumer Price Index (CPI), which tracks the prices of UK goods and services, was already more than double its target rate of 2% in August, but jumped in September by more that the worst expectations.
The rate of 5.2% has never been higher since official CPI records began in January 1997.
According to the Office for National Statistics, prices were pushed up by gas and electricity prices where average bills rose this year by 13% and 7.5% respectively between August and September.
Transport was also a big contributor, where prices overall decreased by 2.1% between August and September this year compared to a fall of 3.4% a year ago.
The largest upward effect came from air transport where fares always fall between August and September following the peak summer holiday season, however the fall of 21.2% this year was less than the decrease of 27.8% a year ago.
Last week figures from Eurostat, the statistical office of the European Union, revealed that annual inflation in the Eurozone was 3.0% in September 2011, up from 2.5% in August.
However, according to thisismoney.co.uk, the data is good news for those on pensions and benefits.
The September CPI is used to determine next April's rise in the basic state pension, which will mean the weekly pension will rise by £5.31 a week to £107.46.
"However, as pensioners tend to be disproportionately affected by rises in the average rate of inflation, they will not necessarily see any improvement in their standard of living," the website said.
Despite the rise in benefits and pensions, this year is the first time CPI is used to calculate their rise. Earlier this year, the government controversially decided use CPI instead of the retail prices index (RPI) rate of inflation, which scaled 5.6% in September, its highest rate in 20 years, and would have seen even better increases for the elderly and benefit claimants.
(DW/BMcC)
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Drop in cost of travelling drives inflation rate down
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
