Markets

Nearly 250 savings accounts match inflation after inflation fall

Nearly 250 savings accounts match inflation after inflation fall

Official figures today show the CPI fell from 2.1 per cent to 1.8 per cent last month, dragging the rate below the Bank of England target for the first time in two years.

The main driver for inflation was the new energy price cap on standard variable tariffs recently introduced by energy watchdog Ofgem.

"Unlike when the cap is lowered, energy firms don't have to automatically raise prices when the cap is lifted". Figures from the Office for National Statistics (ONS) show the Consumer Prices Index (CPI) fell from 2.1 per cent in December.

Meanwhile, heavy discounting from retailers saw clothing and footwear prices falling by 1.3% for the year to January, which had a small downward pull on inflation.

As well as the sharp decline in energy prices, Whitehall statisticians said the drop in inflation was also fuelled by lower petrol prices and a decline in the cost of hotel rooms.

We'll have a report on the economic data (and the market reaction)...




The Bank of England said this month that United Kingdom economic growth will likely slow further in 2019 given weakening demand from overseas and a period of increased "Brexit uncertainty" that are expected to reduce activity in the UK. The inflation was 5.07 per cent in January 2018.

That difference is now negligible, helping the Bank of England as it holds off on fresh interest rate hikes pending the outcome of Britain's Brexit stand-off with the rest of the EU.

Prime Minister Theresa May says she is attempting to negotiate a replacement of the so-called Northern Irish backstop in the EU Withdrawal Agreement, as MPs rejected her proposed exit plan in a record breaking landslide last month.

If the Withdrawal Agreement is not ratified before March 29 then the United Kingdom will automatically leave the European Union and default to doing business with it on World Trade Organization (WTO) terms, which analysts say would be bad for the economy.

India's consumer prices rose at a milder pace than anticipated in January and remained below the Reserve Bank of India's target for a sixth straight month, strengthening views it could again cut the key interest rate at its next policy review in April. The fall in the value of the pound after the Brexit vote had pushed inflation higher, squeezing household disposable income as it pushed up the cost of imported goods.

Time to move your money?


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