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Weekly Economic and Financial Commentary – 24 February, 2020

Data released by the UK Office for National Statistics (ONS) last week showed the inflation rate increased to a six-month high of 1.8% in January (from 1.3% YoY in December) following a surge in petrol prices and an increase in...

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  • Weekly Economic and Financial Commentary – 24 February, 2020

Data released by the UK Office for National Statistics (ONS) last week showed the inflation rate increased to a six-month high of 1.8% in January (from 1.3% YoY in December) following a surge in petrol prices and an increase in the cost of gas and electricity compared to the same period in the prior year. Accordingly, the inflation rate is now closer to the Bank of England’s target of 2%. Fuel prices in January rose 4.7% YoY, marking the biggest rise since November 2018.

Also, separate data released by the ONS showed that the headline rate of output inflation for goods leaving the factory gate was up 1.1% YoY in January from 0.9% YoY in December 2019. The growth rate of prices for materials and fuels used in the manufacturing process was 2.1% YoY, up from 0.9% YoY in December.

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