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Wednesday, June 16, 2021

CPI 2.1% Blip

A jump in fuel costs and rising clothes prices as the economy reopened pushed the Consumer Prices Index (CPI) benchmark to 2.1pc, higher than the 1.8pc expected and the highest since July 2019.

The inflation up from 1.5pc in April, was also partly fuelled by rising restaurant and pub prices as diners and drinkers returned, the Office for National Statistics said.

The ONS's chief economist, Grant Fitzner, said: 

“This month’s rise was led by fuel prices which fell this time last year, but have jumped this year thanks to rising crude prices. Clothing prices also added upward pressure as the amount of discounting fell in May.”

This is but a blip, and even though it is above the Bank of England's 2pc target, it is not the precursor to higher rates yet.

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