UK Inflation Rises to 3.1% as Fuel Prices Surge, London House Prices Continue to Slide
Rising motor fuel costs pushed UK inflation to a five-month high in August, while separate data showed London house prices falling further below their peak and rents continuing to rise, according to The Guardian.
UK inflation rose to 3.1% in the year to August, reaching a five-month high, according to figures reported by The Guardian. The publication attributed the increase primarily to a sharp rise in motor fuel costs, which it said jumped by almost a quarter over the period.
The report also highlighted pressures further up the supply chain. Producer output prices — the cost of goods leaving UK factories, often referred to as 'factory gate' prices — rose by 3.7% in the year to August, up from 3.3% in July, The Guardian said.
According to the report, rising crude oil and petrol prices were behind both the increase in the annual cost of raw materials and the rise in the price of goods leaving factories.
Separately, the same Guardian business live coverage reported that UK rents were accelerating, even as the average house price in London fell to £19,000 below its peak, pointing to divergent pressures in the housing market amid the broader cost-of-living squeeze.
The Guardian noted that the inflation figures add to concerns about the tightening cost-of-living squeeze facing UK households and businesses.
Sources
- UK rents accelerate, as average London house price falls £19,000 below peak – business live — The Guardian — Business
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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