KPMG comments on October UK inflation figures | KPMG | UK

KPMG in the UK comments on October UK inflation figures

KPMG comments on October UK inflation figures

Yael Selfin, Chief Economist at KPMG in the UK comments on the October inflation figures published by the ONS today:

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Yael Selfin, Chief Economist at KPMG in the UK comments on the October inflation figures published by the ONS today:

“Consumer Price Inflation (CPI) rose only modestly in October, keeping the year-on-year inflation rate unchanged at 3%. And with monthly inflation gradually moderating, households will be relieved that the UK may have now reached the peak in year-on-year price rises. However, the overall figures mask significant increases in the price of basic necessities such as fruit and vegetables, which are most likely to hit those already struggling to cope with the squeeze on real incomes due to the high inflation.

“The relatively positive news on inflation could see the Bank of England reconsider its plan for further rate rises, with fewer rate increases over the next two to three years. That may help support a vulnerable UK economy in the process of leaving the EU, but at the same time it could put further strain on savers and significant sectors of the economy such as banks and insurers, while stoking potential pockets of over-exuberant asset prices.”

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Notes to Editors:

About KPMG
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 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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