Relief as Nigeria's Inflation Falls for Third Straight Month

India's April retail inflation seen easing to three-month low

Sterling's slump the cause of inflationHannah Maundrell, editor in chief of money.co.uk, put the blame for the inflation rise squarely on the slump in sterling's value in the wake of last year's European Union referendum.

The overall price of electricity rose by 2.5 per cent month-on-month after falling by 0.2 per cent a year ago, but the rise was partly offset by a cap placed on prepayment meter charges. British inflation is set accelerate further due the recent rebound in oil prices and the weak Sterling.

On a month-on-month basis, the Headline index increased by 1.60 percent in April 2017, 0.12 percent points lower than the rate recorded in March.

"Additionally, higher inflation will also mean that the four-year freeze in working age benefits will really be starting to bite for millions of low and middle income families", he said.

Inflation reached a three-and-a-half-year high last month as the Brexit-hit pound and the timing of the Easter holidays pushed up the cost of living.

For women, the number of 16 to 64 year old's in jobs was at 70.2 per cent between January and March, also the highest rate since the records started. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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An increase in the cost of gasoline was a significant driver in annual inflation, causing a 4.2 per cent increase in the transport and foreign travel sector. "This is the first decline in real earnings since the 3 months to September 2014", the press release said.

Bank of England Governor Mark Carney said that 2017 would be a challenging year for consumers with rising inflation leading to a fall in real wages.

In particular, wage growth has been notably weaker than expected.

The ONS said today that the number of unemployment benefit claimants rose by 19,400 to just under 793,000 in April, slower than an increase of 33,500 in March. However, inflationary pressure also came from clothing and energy costs, with none of the 13 categories of products and services witnessing price falls.

Wage growth excluding bonuses came in at 2.1 per cent for the three months to March and fell 0.2 per cent in real terms during that period. Yet for most BOE policy makers, the fact that earnings remain subdued despite a healthy labor market suggests, for now, there is still enough slack to keep interest rates at a record low.

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