UK Inflation Rise To 1 Percent In July
Inflation in the United Kingdom, UK, has reportedly hit it’s highest as the effects of the coronavirus hits different sectors of the economy.
Clothes and shoe shops shunned the annual summer sales even as the price of fuel increased after the country reopened following a global lockdown due to the coronavirus.
The office for National Statistics reported that annual consumer price inflation rose to 1.0 percent in July from 0.6 percent in June, above all forecasts.
Clothing and footwear prices were the biggest contributor to the rise in inflation in July.
In most years retailers slash clothes prices between June and July to clear out their summer ranges in preparation for autumn.
This year, the drop in clothing and footwear prices was unusually small, perhaps reflecting discounting early in lockdown.
Higher petrol prices and greater costs for haircuts, dentistry and physiotherapy also contributed to higher inflation.
Haircuts and other personal grooming cost 5.1 percent more than a year before.
Core inflation which excludes typically volatile energy, food, alcohol and tobacco prices rose to its highest in a year at 1.8 percent from June’s 1.4 percent, versus expectations for a small fall.
July’s inflation number was based on near-complete coverage of its standard basket of goods and services, after widespread unavailability of some services at the start of the lockdown.
The Bank of England had said this month it expected inflation to turn briefly negative in the near term, falling to -0.3 percent in August.
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