PwC comments on November's inflation data

Dec 18, 2019

Jing Teow, economist at PwC, comments on the latest CPI data:

"Consumer price inflation in November was at 1.5%, which remains broadly unchanged from the level we saw previously in October. This was mainly driven by increases in the cost of food and beverages, as well as household and recreational goods, offset by declines in the cost of restaurants and hotels, clothing and footwear. This relatively low level of inflation also partly reflects the decline in the cost of production, particularly the cost of manufacturing inputs such as materials and fuels." 

"The ongoing trend of moderate inflation since late 2017, coupled with the steady increase in wages, have boosted household disposable income. However, there are some signs that wage growth is levelling off, meaning that the gains in real earnings due to low inflation could begin to moderate."

"The below-target level of inflation means that the Bank of England will be under little pressure to raise its policy rates soon. However, a recovery next year that follows a further easing of political and economic uncertainties could spur further economic activity and spending, giving rise to inflationary pressures in the medium term. "

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