Price, Uk, London

Price, Uk

Slump in clothing prices causes unexpected UK inflation dip

Slump in clothing prices causes unexpected UK inflation dip

24/3/2021 10:44:00 AM

Slump in clothing prices causes unexpected UK inflation dip

LONDON :British inflation unexpectedly fell last month, reflecting the biggest annual drop in clothing prices since 2009 and cheaper second-hand ...

BookmarkLONDON -British inflation unexpectedly fell last month, reflecting the biggest annual drop in clothing prices since 2009 and cheaper second-hand cars, official figures showed on Wednesday.The annual rate of consumer price inflation dropped to 0.4per cent in February from 0.7per cent in January, in sharp contrast to economists' average forecast in a Reuters poll of a rise to 0.8per cent.

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AdvertisementAdvertisement"The impact of the pandemic has disrupted standard seasonal patterns, ONS Deputy National Statistician Jonathan Athow said."A fall in clothing prices helped to ease inflation in February, traditionally a month where we would see these prices rise."

Sterling weakened slightly against the U.S. dollar after the figures came out.Clothing and footwear prices fell between January and February for the first time since 2007 and are 5.7per cent lower than a year before, the biggest annual decline since November 2009, reflecting a widespread drop in demand due to the pandemic. headtopics.com

The Bank of England and other economists expect inflation to rise sharply back towards the BoE's 2per cent target in the first half of this year, reflecting a rise in oil prices, increases in regulated household energy prices and other one-off effects.

AdvertisementAdvertisementWednesday's data from the Office for National Statistics showed that producer prices - which tend to feed through into consumer prices later - were 2.6per cent higher than the year before in February.Core consumer price inflation - which excludes more volatile food and energy prices - dropped to 0.9per cent from 1.4per cent.

(Reporting by David Milliken and Andy Bruce) Read more: CNA »

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