KPMG anticipate inflation to exceed BoE target for 2017 | KPMG | UK

KPMG anticipates inflation to exceed BoE target for 2017

KPMG anticipate inflation to exceed BoE target for 2017

Yael Selfin, Head of Macroeconomics at KPMG in the UK, comments on the ONS Consumer Price Index (CPI) out today.

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She said:

“The headline Consumer Price Index (CPI) was surprisingly subdued in October, with wholesalers and retailers absorbing the rising costs due to the lower pound. 

“As a result, we now expect inflation to reach 0.7% on average in 2016, down from 0.8% previously, which is below the Bank of England’s latest forecasts and its 2% target. 

“However, inflationary pressures remain. Prices of imported materials rose steeply in October, and manufacturing goods passed on these costs with additional price rises in October. We therefore still expect inflation to exceed the Bank of England target next year.”     

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

 

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