UK Inflation Turns Positive in November at 0.1%

The UK’s inflation rate as measured by the Consumer Prices Index rose to 0.1% in November, the Office for National Statistics has said.

That compares with a rate of -0.1% a month earlier. Analysts had expected a figure of about zero.

Transport costs, alcohol and tobacco prices were the main contributors to the rise in the rate, said the ONS.

However, this was partially offset by a fall in clothing prices, the ONS added.

This move into positive inflation territory follows two months of negative inflation, or deflation.

Monthly inflation has been between -0.1% and 0.1% since January, when prices grew by 0.3%. Low oil prices and a fiercely competitive environment for supermarkets are keeping prices low.

Last week, UK interest rates were left unchanged again at 0.5% by the Bank of England’s rate-setters.

The nine policymakers on the Monetary Policy Committee voted 8-1 for no change, with the Bank predicting that inflation will stay below 1% until the second half of next year.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza