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Bank Loan: UK Inflation Stays At 3.1%
Bank Loan: UK Inflation Stays At 3.1%
Inflation rate in the United Kingdom remains at a steady 3.1% which is higher than the target of 2% set by Bank of England. The base interest rates have fallen to a historical low of 0.5%.
London,
London,
United Kingdom
(pr4links.com)
16/09/2010
"The inflation rates has come as a shock for the Bank of England which had expected to keep the figures down and had planned to further bring it down in the coming months. The Retail Prices Index has shown a minute fall."
FOR IMMEDIATE RELEASE
London, UK, 14th September, 2010: UK inflation remained well above its target rate in August following rising food and clothing costs.
The Office for National Statistics has revealed that the Consumers Price Index stayed at 3.1 per cent last month – still above its target rate of two per cent.
Despite high inflation levels, many economists predict the Monetary Policy Committee (MPC) will continue to keep interest rates at their historically low level of 0.5 per cent.
Howard Archer, chief UK economist with IHS Global Insight, claimed the MPC will be more concerned with maintaining the economic recovery than inflation.
He said: "While the Bank of England is likely to be mildly disappointed with the August inflation data, the figures are unlikely to significantly change the bank's view that underlying inflationary pressures will gradually wane over the coming months."
The Retail Prices Index, which measures the costs of an average family's shopping basket, fell by 0.1 per cent to 4.7 per cent.
“Inflation rate in the United Kingdom has become a serious concern as the rate remained well above the target rate for August. It will be very difficult for the planners to meet the target rate which has been set at 2%” says financial analyst John Fieldman who has over two decades in the financial industry and specialises in interest rates and corporate finance. He works as a financial analyst for PPI ClaimCompany.co.uk.
“The inflation rates has come as a shock for the Bank of England which had expected to keep the figures down and had planned to further bring it down in the coming months. The Retail Prices Index has shown a minute fall."
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PPI Claims Company is one of the premier PPI companies in the world. It has years of experience in this field and can help you with your payment protection claim using their no win, no service fee policy. To know more about loan protection claims and PPI claim back log on to http://www.ppiclaimcompany.co.uk/.
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