Nigeria’s inflation dips to 11.14% in July - NBS

Video game costs are going up.    Jens Schlueter   Stringer

As for year-on-year comparison, retail inflation had increased by 2.36 per cent in July last year.

Although UK house prices continue to increase, they are rising at their lowest levels since 2013, according to the most recent HM land registry price index data.

According to Prasanna, with FY19 headline CPI inflation to average 4.7-4.8 per cent and core inflation averaging 5.8 per cent, chances of impending rate hikes, though, have come down, but the hike cycle is not over yet.

Jason Lennard, a senior economist at the National Institute for Economic & Social Research, said the institute's measure of underlying inflation fell by 0.2 percentage points to 1% in the year to July.

The lowest annual growth was in London, where prices decreased by 0.7% over the year, down from -0.2% in June and its lowest annual growth rate since September 2009 when it was negative 3.2%.

The increase in fuel costs, which have pushed the cost of unleaded petrol above £1.30 a litre in many parts of the country, prompted warnings that inflation would remain well above the Bank of England's 2% target for the rest of the year. Prices of clothing and footwear fell 6.7% in July.

Annual growth in property values in the region stood at 5.8% by June, the Office for National Statistics (ONS) said.

The Consumer Prices Index including owner-occupiers' housing costs (CPIH) - the ONS' preferred measure of inflation - was unchanged at 2.3pc in July.

In England, house prices increased by 2.7 per cent over the year to June 2018, with the average price now standing at £245,000. The cost of raw materials for manufacturers was 10.9 percent higher, the biggest annual rise in over a year, reflecting an increase of more than 50 percent in oil prices.

'That market is still raging like a furnace and the resulting annual growth figure is calling out the popularity of the Help to Buy scheme.

Screen Shot 2018 08 15
Consumer price inflation marked by the yellow line ticked up

The data also shows that London experienced the most significant annual fall in the United Kingdom, at minus 0.7 per cent - the lowest annual growth rate for the region since September 2009 (-3.2 per cent).

'The big question is what happens to prices when the property market's own version of Quantitative Easing is taken away?'

The previous low was in October 2017 at 3.58 per cent.

The average price in Northern Ireland was £133,000, marking an increase of 4.4% over the year.

London, it noted, has shown a general slowdown in its annual growth rate since mid-2016. London accounts for around 25 per cent of all United Kingdom flats and maisonette transactions.

House prices in London have fallen at their fastest rate since 2009 amid growing signs Britain's booming property market is finally cooling down.

While it is taking buyers longer to complete on their homes from 16 weeks previous year to 18 weeks on average.

Jeremy Leaf, north London estate agent and former RICS residential chairman, added: "Although a little out of date, these numbers represent the most comprehensive survey of United Kingdom house prices".

Property transaction statistics for June show that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 96,340. The number of house sales is a bit lower than it was at the same time past year. "While the Bank of England's recent interest rate rise adds further pressure to household finances, we don't expect the cost of borrowing to alter significantly" he suggests.

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