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Bank loan: UK inflation stays at 3.1%

UK inflation remained well above its target rate in August following rising food and clothing costs.

The Office for National Statistics has revealed that the Consumers Price Index stayed at 3.1 per cent last month – still above its target rate of two per cent.

Despite high inflation levels, many economists predict the Monetary Policy Committee (MPC) will continue to keep interest rates at their historically low level of 0.5 per cent.

Howard Archer, chief UK economist with IHS Global Insight, claimed the MPC will be more concerned with maintaining the economic recovery than inflation.

He said: "While the Bank of England is likely to be mildly disappointed with the August inflation data, the figures are unlikely to significantly change the bank's view that underlying inflationary pressures will gradually wane over the coming months."

The Retail Prices Index, which measures the costs of an average family's shopping basket, fell by 0.1 per cent to 4.7 per cent.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800064910-ADNFCR

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