Inflation hits highest level in over three years

Inflation hits highest level in over three years

CPI inflation rose sharply to 2.7 per cent in April, its highest level since 2013, as higher airfares pushed the figure up beyond economists' estimates.

The figure climbed from 2.3% in March, with the ONS citing climbing air fares as the main contributor, as well as rising prices for clothing, vehicle excise duty and electricity. "But sterling's depreciation since the referendum last June is also clearly a significant factor, lifting prices for imports and likely to pile further upward pressure on consumer prices in coming months". Bank of England Governor Mark Carney last week warned of "challenging times", with officials now predicting inflation will reach nearly 3 percent this year.

"This means that the United Kingdom economy is losing considerable momentum which as of yet has not been offset by stronger exports".

On a month-on-month basis, the Food sub index increased by 2.04 percent in April, down by 0.17 percent points from 2.21 percent recorded in March.

"April 2017" report released in Abuja that the inflation was 0.02 per cent lower than the rate recorded in March.

The department said that between January and April, the CPI rose 4.3% from a year earlier and in monthly terms, April CPI, however, fell 0.3% from March.

This rate of inflation was 2.6 per cent in the year to April.

The Consumer Price Index was up from an annual growth rate of 2.3 per cent in March and higher than the 2.6 per cent expansion City of London analysts had pencilled in.

Economists had expected consumer price index inflation to jump further above target to a consensus of around 2.6 per cent.

There was an impact from the timing of Easter with the seasonal increase in prices seen in April this year compared with March last year.

The downward pressure on the cost of living came from fuel pump prices, with petrol falling by 1.8p to 117.4p per litre and diesel also dropping by 1.8p to 120.3p per litre. Inflation rose to 5.31 percent in February from 5.15 percent in January this year, according to BBS.

CPIH is the ONS's preferred measure of inflation, which includes costs associated with living in, maintaining and owning a home. While rising inflation and the weak pound are supportive of a rise in interest rates under normal circumstances, the weakening economy and the expected slowdown in business investment preclude any hike in interest rates for the rest of the year.

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