Inflation Rises to 3 Year High at 2.7%

Inflation has hit a three year high of 2.7% in the UK – up from 2.3% last month. This is the third month in a row that inflation has been above the Bank of England’s 2% target

Emma Wall 16 May, 2017 | 10:33AM

Inflation has hit a three year high of 2.7% in the UK – up from 2.3% last month. This is the third month in a row that inflation has been above the Bank of England’s 2% target. According to the Office of National Statistics, air fares, clothing prices, vehicle excise duty and energy prices were the main contributing factors to the uplift in the Consumer Price Index.

The report revealed: “The upward effect for transport came mainly from air fares, with a rise of 18.6% reflecting the usual pattern of increasing prices around Easter. This counterbalanced a downward effect of similar magnitude in March 2017 and is a result of Easter falling in April this year, compared with March last year.”

Recreation and culture provided the largest downward effect on the change in the inflation rate.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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