Menu
17/01/2012
Inflation Down In December
The Chancellor has breathed a sigh of relief as it emerges the two main measures of the UK's inflation rate both fell in December last year.
The Consumer Price Index now stands at 4.2% for December last year, down from 4.8% in November. Meanwhile, the Retail Price Index stands at 4.8% for the same period, down from 5.2% in November.
According to the Office of National Statistics (ONS), the last time there was a larger fall in annual inflation was between November and December 2008.
The largest downward pressures to the change in CPI annual inflation between November and December 2011 came from petrol, gas and clothing.
The news comes as political uncertainty in the Eurozone paralysed the UK recovery, according to the latest quarterly forecast from the Ernst & Young, with UK GDP expected to flatline for the rest of year.
In their winter forecast Ernst & Young said deteriorating levels of confidence would see business investment stagnate in 2012, whilst export prospects have already slowed. According to the report, the UK is probably already in a technical recession and will struggle to reach positive growth until 2013.
The report forecasts UK GDP of 0.2% this year before increasing to 1.8% in 2013 and 2.8% in 2014.
Professor Peter Spencer, chief economic advisor to the Ernst & Young ITEM Club said: "Figures for the last quarter of 2011 and the first quarter of this year are likely to show that we are back in recession and we are going to have to wait until this summer before there are any signs of improvement. But it’s not going to be a repeat of 2009; we are not going to see a serious double dip."
(DW)
The Consumer Price Index now stands at 4.2% for December last year, down from 4.8% in November. Meanwhile, the Retail Price Index stands at 4.8% for the same period, down from 5.2% in November.
According to the Office of National Statistics (ONS), the last time there was a larger fall in annual inflation was between November and December 2008.
The largest downward pressures to the change in CPI annual inflation between November and December 2011 came from petrol, gas and clothing.
The news comes as political uncertainty in the Eurozone paralysed the UK recovery, according to the latest quarterly forecast from the Ernst & Young, with UK GDP expected to flatline for the rest of year.
In their winter forecast Ernst & Young said deteriorating levels of confidence would see business investment stagnate in 2012, whilst export prospects have already slowed. According to the report, the UK is probably already in a technical recession and will struggle to reach positive growth until 2013.
The report forecasts UK GDP of 0.2% this year before increasing to 1.8% in 2013 and 2.8% in 2014.
Professor Peter Spencer, chief economic advisor to the Ernst & Young ITEM Club said: "Figures for the last quarter of 2011 and the first quarter of this year are likely to show that we are back in recession and we are going to have to wait until this summer before there are any signs of improvement. But it’s not going to be a repeat of 2009; we are not going to see a serious double dip."
(DW)
Related UK National News Stories
Click here for the latest headlines.
14 February 2005
Drop in house prices reported over Christmas period
The latest government figures have shown that overall UK house prices fell in December last year by 0.7%, compared to a 2% rise in the same period last year. Figures published by the Office of the Deputy Prime Minister, showed that UK annual house price inflation in December 2004 was 10.7%, a drop from 13.7% in November.
Drop in house prices reported over Christmas period
The latest government figures have shown that overall UK house prices fell in December last year by 0.7%, compared to a 2% rise in the same period last year. Figures published by the Office of the Deputy Prime Minister, showed that UK annual house price inflation in December 2004 was 10.7%, a drop from 13.7% in November.
13 May 2015
ONS Figures Reveal Unemployment At Seven Year Low
The latest figures from the Office for National Statistics(ONS) have revealed that unemployment in the Uk is at a seven year low. The number of those out of work fell by 35,000 between January and March, now totalling 1.83 million. In the same period the number of people in work rose to 31.
ONS Figures Reveal Unemployment At Seven Year Low
The latest figures from the Office for National Statistics(ONS) have revealed that unemployment in the Uk is at a seven year low. The number of those out of work fell by 35,000 between January and March, now totalling 1.83 million. In the same period the number of people in work rose to 31.
14 June 2005
Inflation remains steady at 1.9%
Consumer price inflation in the UK remained at 1.9% in May, the latest figures from the Office of National Statistics (ONS) have shown. The ONS said that a fall in petrol prices helped to offset price rises in food and air fares.
Inflation remains steady at 1.9%
Consumer price inflation in the UK remained at 1.9% in May, the latest figures from the Office of National Statistics (ONS) have shown. The ONS said that a fall in petrol prices helped to offset price rises in food and air fares.
12 October 2004
Drop in cost of travelling drives inflation rate down
Inflation fell by 0.2% to 1.3% in September due in part to reductions in the cost of transport services, the Office of National Statistics (ONS) has said. The ONS said that the seasonal price drop in both air and sea fares from high summer levels drove inflation down as, in both cases, the reductions were greater than last year's.
Drop in cost of travelling drives inflation rate down
Inflation fell by 0.2% to 1.3% in September due in part to reductions in the cost of transport services, the Office of National Statistics (ONS) has said. The ONS said that the seasonal price drop in both air and sea fares from high summer levels drove inflation down as, in both cases, the reductions were greater than last year's.
18 May 2004
Petrol prices fuel inflation rise
Recent oil market pressures and rises on the prices of furnishings have lead to a 0.1% rise in the past month to 1.2%, according to the Office of National Statistics (ONS). The Consumer Prices Index (CPI) - the government's target measure of inflation - rose from 1.1% in March after the price of petrol and domestic heating oil upped this April.
Petrol prices fuel inflation rise
Recent oil market pressures and rises on the prices of furnishings have lead to a 0.1% rise in the past month to 1.2%, according to the Office of National Statistics (ONS). The Consumer Prices Index (CPI) - the government's target measure of inflation - rose from 1.1% in March after the price of petrol and domestic heating oil upped this April.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
