Tuesday, July 15, 2008
Inflation soars to 3.8%
Posted by David Smith at 10:00 AM
Category: Thoughts and responses

Consumer price inflation came out at 3.8% for June, higher than the 3.6% expected by analysts. It is all food and energy - core inflation is only 1.6% - but the Bank would like to see that core measure lower too. RPI inflation rose to 4.6%, from 4.3%. Interestingly, RPIX inflation, excluding mortgage interest payments, is now at 4.8%, up from 4.4%. Details here.

Also today, the British Retail Consortium suggests retail sales are weakening but not collapsing. On a total basis, sales were up by 2.1% on a year ago, while like-for-like sales were down by 0.4%. The survey is here. Also, the Royal Institution of Chartered Surveyors says the housing market has pretty much seized up, though buyer interest is said to be still there. Here are the details.