Friday, 05 June, 2020


Inflation rate rises to 2.62pct in April

UK inflation tumbled to lowest level in four years in April, says ONS UK inflation drops to lowest since 2016 as virus hits
Conrad Doyle | 22 May, 2020, 22:28

Excluding energy, however, the CPI rose 0.7%.

On month-on-month basis, the food sub-index increased by 1.18 percent in April, up by 0.24 percent points from 0.94 percent recorded in March.

Core consumer prices fell from a year earlier in April, recording the first decline in 40 months, government data showed Friday.

The drop was mainly due to the low price of crude oil.

In an afternoon speech, Bank of Canada deputy governor Timothy Lane said numerous changes will reverse as restrictions are eased and businesses reopen, but warned of "persistent price effects" for different products and services and further changes in consumption patterns.

Food, however, increased in price by 3.4%, while cleaning products surged 4.6%.

Energy prices also pushed inflation lower as regulator Ofgem reduced its default tariff cap.

UK inflation tumbled to lowest level in four years in April, says ONS

Bank of England deputy governor Ben Broadbent recently said it was possible that inflation could fall into deflationary territory, below zero, by the end of 2020.

The year-on-year growth in prices, down from 1.5% in March, is the lowest since August 2016.

As the coronavirus pandemic caused Canada's economy to enter into lockdown mode, the demand for consumerism decreased, and fossil fuel prices plummeted.

The federal government had on May 2, 2020, directed the release of about 17,500 metric tonnes of assorted grains from the Yola National Food Reserve site for distribution as palliatives to Nigerians.

Economists on average expected a reading of -0.1 per cent for April, according to financial markets data firm Refinitiv.

"Nevertheless, with the economy likely still underperforming if and when further restrictions are lifted, there will be an underlying drag on inflation that central bankers will need to offset with additional monetary easing", Mendes writes. "The core measures preferred by the Bank of Canada also seemed to be holding up relatively well since the imposition of strict lockdown measures across the country, the average of the three main gauges having slipped only three ticks since November (from 2.1% to 1.8%)".

Face masks, meanwhile, cost 5.4 percent more and fresh food 11.2 percent - with cabbages sprouting price increases of 48.2 percent - as more people stayed home.

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