Inflation rate slumps to 17.24% in April

Inflation rate slumps to 17.24% in April

However, the Bank also projected nominal average wages to pick up to a growth rate of 3.5 per cent next year.

The unemployment rate in the January-March period unexpectedly fell to its lowest level in almost 42 years at 4.6 per cent. Economists polled by Reuters had expected the rate to remain at 4.7 per cent.

According to NBS, inflation drop to 17.24 percent (year-on-year) through slower pace in April, 0.02 percent point lower from the rate recorded in March (17.26) percent.

But adjusted for inflation, regular wages in the first quarter fell by 0.2%, the first decline in real wages since 2014.

"Rising prices for clothing, vehicle excise duty and electricity also contributed to the increase in the rate".

The rise keeps the rate above the Bank of England's 2% target and comes after CPI paused at 2.3% in February and March.

He added: "Wage data are due later this week and are expected to show that real wage growth has turned negative in the first months of 2017".

Malaysia's inflation, as measured by the consumer price index (CPI), rose 4.4% in April from a year earlier mainly on costlier fuel besides food and non-alcoholic drinks.

British inflation hit its highest level since September 2013 last month, building on its sharp rise since the vote to leave the European Union and tightening the squeeze on living costs for households ahead of a national election on June 8.

Input prices rose by 16.6% year-on-year in April, missing estimates of 17.0% and down from 17.4% in March and January's peak of 19.9%.

"The Economic Policy Centre have noted how far recent economic growth in Northern Ireland has been driven by consumer spending", he said.

The think tank expects the unemployment rate to rise from 4.8% at the end of this year to 5.4% in 2018 and 5.8% in 2019.

Royal Bank of Scotland chief economist Stephen Boyle said: "Rising inflation is the major economic story of 2017".

The price of clothes also rose to the highest level for six years, climbing by 1.1% between March and April after falling by 0.4% a year ago. He expects utility bills, food costs and the weak pound to put more pressure on prices in future.

Excluding bonuses, wages were up just 2.1 per cent in the three months to March, below City analysts' expectations of a 2.2 per cent expansion, and meaning on that on this metric real pay fell by 0.2 per cent.