On month-on-month comparison, the consumer price index came in at 0.0% in November, better than the 0.1% drop that was forecast but worse than the previous month’s 0.1% gain, as prices of transport costs, alcohol and tobacco declined.
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In the 12 months through November, the core CPI rose 2.0 percent, the largest gain since May 2014, after rising 1.9 percent in October. But clothing prices were the biggest drag on inflation after they recorded an unprecedented monthly fall between October and November, usually a period of higher prices as consumers shop before Christmas.
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While that reading matched the Fed’s 2.0 per cent inflation target, the central bank prefers another measure, the core personal consumption expenditures price index, which has only risen 1.3 per cent over the past year.
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Despite the escape from negative inflation, the UK Consumer Price Index (CPI) is still a far cry from the 2% target set by the Bank of England (BoE). And the latest inflation figures did nothing to alter economists’ view that the Bank of England’s Monetary Policy Committee (MPC) will be in no hurry to raise United Kingdom base rates from their record low of 0.5 per cent. And the cost of shelter has jumped 3.2% in the past 12 months.
Medical care costs increased 0.4%. Wholesale inflation was -3.81% in October.
“Inflation is going to struggle to move toward the Fed’s goal”, Russell Price, senior economist at Ameriprise Financial Inc.in Detroit, said before the report.
The rate of price rise in vegetables nearly doubled to 4% in November, while that for cereals and products category it stood at 1.70%.
Airline fares increased 1.2%, after rising 1.5% in November. Energy prices fell 1.3% in November, led by a seasonally-adjusted 2.4% fall in gasoline costs.
A strong dollar, as well as an inventory glut is keeping price increases for some core goods in check.
Fuel prices failed to drop as quickly as expected after the cost of oil plunged globally, with petrol falling by 1.5p per litre compared with 3p a year ago, and diesel falling by 0.6p compared with 2.9p a year ago, according to ONS statistics.
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In October, the retail inflation had risen to five per cent. But the November numbers are still lower than the 5.8 per cent targeted by the Reserve Bank of India (RBI) for January 2016.
