{"id":72706,"date":"2021-07-15T20:02:12","date_gmt":"2021-07-15T20:02:12","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72706"},"modified":"2021-07-15T20:02:13","modified_gmt":"2021-07-15T20:02:13","slug":"uk-inflation-june","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-inflation-june\/","title":{"rendered":"UK inflation hits 2.5% in June, ONS has revealed"},"content":{"rendered":"\n

UK inflation jumped again in June, outpacing economists\u2019 expectations to accelerate away from the Bank of England\u2019s target, the Office of National Statistics (ONS) revealed this morning.<\/p>\n\n\n\n

The Consumer Price Index (CPI) rose to 2.5 per cent last month, its highest level since August 2018, up from 2.1 per cent in May. Analysts had forecast a rise of 2.2 per cent.<\/p>\n\n\n\n

On a monthly basis, the CPI rose by 0.5 per cent in June 2021, compared with a rise of 0.1 per cent in June 2020.<\/p>\n\n\n\n

Once again, the ONS said that the largest single factor pushing inflation upward was transport costs such as fuel, as well as higher prices for clothes, food and footwear.<\/p>\n\n\n\n

The figures come a day after it was revealed that US inflation had rocketed to 5.4 per cent.<\/p>\n\n\n\n

The Labour Party said that the rise was because firms were struggling to access critical supplies and were also handling a shortage of staff.<\/p>\n\n\n\n

Shadow Chief Secretary to the Treasury Bridget Phillipson said: \u201cThe Government must do all it can do to keep materials and other supplies moving to prevent shortages, including cutting the unnecessary red tape following the EU-UK agreement, and providing much better training so that we have access to the skills we need here in the UK.<\/p>\n\n\n\n

\u201cLonger-term, Labour\u2019s plan would mean we buy, make and sell more in the UK, protecting our access to critical supplies through better use of procurement and efforts to bring more production here.\u201d<\/p>\n\n\n\n

Last week outgoing Bank of England chief economist Andy Haldane said that inflation was on track to hit 4.0 per cent \u2013 double the Old Lady\u2019s target.<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage please click here<\/a><\/em><\/p>\n\n\n\n

Commenting on this morning\u2019s rise, KPMG\u2019s chief economist Yael Selfin said inflation would likely peak at 3.0 per cent this year.<\/p>\n\n\n\n

\u201cThe prospects of cooling inflationary pressures next year, as firms adjust to new levels of demand, should provide the Bank of England with room to keep interest rates unchanged for a while longer\u201d, she said.<\/p>\n\n\n\n

Jason Hollands, managing director of Bestinvest: \u201cThat prices are continuing to rise as economies bounces back from last year\u2019s brutal contraction is little surprise, especially when there are supply bottlenecks that have built up during the lockdowns.<\/p>\n\n\n\n

\u201cWhere the jury remains out though is whether the surge is a temporary effect or could lead to a more persistent problem if economies are allowed to overheat fuelled by unprecedented levels of both monetary and fiscal stimulus.\u201d<\/p>\n\n\n\n

Joseph Little, global chief strategist at HSBC Asset Management said that though inflation would likely continue to increase this year, it would be a temporary bump.<\/p>\n\n\n\n

\u201cWe expect inflation pressures to continue building over the course of the year driven by base effects and the service sector\u2019s reopening, higher energy prices and general supply-demand imbalances.<\/p>\n\n\n\n

\u201cThe bulk of these transitory factors should unwind over the course of 2022, pushing inflation back towards the Bank of England\u2019s 2 per cent target.\u201d<\/p>\n\n\n\n

By Edward Thicknesse<\/em><\/p>\n\n\n\n

Source: City AM<\/a><\/p>\n\n\n\n

Discover our Second Charge Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

UK inflation jumped again in June, outpacing economists\u2019 expectations to accelerate away from the Bank of England\u2019s target, the Office of National Statistics (ONS) revealed this morning. The Consumer Price Index (CPI) rose to 2.5 per cent last month, its highest level since August 2018, up from 2.1 per cent in May. 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