KPMG UK comments on today’s inflation figures | KPMG | UK

KPMG UK comments on today’s inflation figures

KPMG UK comments on today’s inflation figures

Yael Selfin, Chief Economist at KPMG in the UK, comments on today’s inflation figures:

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Yael Selfin, Chief Economist at KPMG in the UK, comments on today’s inflation figures:

“Consumer prices rose relatively strongly in November, bringing inflation to 3.1% from a year earlier, and requiring the Governor of the Bank of England to write a letter to the Chancellor explaining the divergence of over 1 per cent from the inflation target. The rise is likely to embolden earlier actions by the Monetary Policy Committee to raise rates for the first time in over ten years last month.

“Higher oil prices are likely to put further upward pressure on inflation in the short term. Our expectations are for inflation to average 2.7% this year and moderate only gradually to average 2.6% in 2018. The persistence of inflationary pressures and a tight labour market, despite the weaker economic environment, could see rates rise 2 to 3 times over the short-to-medium term.”

-ENDS-


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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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