{"id":178489,"date":"2021-08-18T08:47:04","date_gmt":"2021-08-18T08:47:04","guid":{"rendered":"https:\/\/www.theindustry.fashion\/inflation-cools-as-clothes-prices-drop\/"},"modified":"2021-09-13T21:23:45","modified_gmt":"2021-09-13T21:23:45","slug":"inflation-cools-as-clothes-prices-drop","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/inflation-cools-as-clothes-prices-drop\/","title":{"rendered":"Inflation cools as clothes prices drop"},"content":{"rendered":"<p>The UK\u2019s rate of inflation cooled in July to 2%, down from near three-year highs of 2.5% in June as the price of clothing dropped, but was <strong>pushed higher by petrol prices hitting highs not seen for nearly eight years.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The Office for National Statistics (ONS) said the Consumer Prices Index (CPI) is <strong>now in line with the Bank of England\u2019s target<\/strong> and was reduced due to a fall in clothes prices as summer sales took place.<\/p>\n<p>The <strong>cost of recreational goods and services also fell,<\/strong> particularly the cost of routers, web cams and computer software, the ONS said.<\/p>\n<p>Official figures <strong>undershot the expectations of analysts,<\/strong> who had predicted that it would rise to 2.3% for the month.<\/p>\n<p>The reading will <strong>ease concerns over the potential for soaring inflation<\/strong> with signs the recent high rates are easing.<\/p>\n<p>It follows the US posting its own 5.4% CPI inflation rate for July last week \u2013 when some had predicted it would rise.<\/p>\n<p>The Bank of England has <strong>warned previously that inflation could hit 3%<\/strong> by the end of the year.<\/p>\n<p>The ONS said petrol was the biggest contributing factor to inflation rising, with average petrol prices at 132.6 pence per litre in July 2021, compared with 111.4 pence per litre a year earlier.<\/p>\n<p>The July price is the highest recorded since September 2013.<\/p>\n<p>In comparison, the UK was coming out of the first national lockdown at this point last year and petrol prices were starting to recover after a period of reduced demand.<\/p>\n<p><strong>Second-hand car sales also contributed to the inflation rise,<\/strong> which are up 6.6% on pre-pandemic levels and have grown compared with a year ago when people were stuck at home due to the pandemic.<\/p>\n<p>Customers have turned to used cars over new ones due to global shortages of computer chips used in vehicles.<\/p>\n<p>Despite inflation cooling, <strong>analysts still voiced concerns over future pressures,<\/strong> suggesting it could rise again later in the year.<\/p>\n<p>Yael Selfin, chief economist at KPMG UK, said: \u201cFall in year-on-year inflation last month masks the strength of inflationary pressures currently within the UK economy.<\/p>\n<p>\u201cWe expect inflation to accelerate further during the rest of this year, rising significantly above the Bank of England\u2019s 2% target, as supply chains remain under strain faced with a strong rebound in demand.\u201d<\/p>\n<p>The largest downward contribution to the inflation change was recreation and culture, with <strong>recording media and games, toys and hobbies down.<\/strong><\/p>\n<p>Package holidays also fell slightly compared with a year ago.<\/p>\n<p>The Retail Price Index (RPI), a separate measure of inflation, increased to 3.8% \u2013 the number in July is typically used to calculate rises in regulated rail fares.<\/p>\n<p>The CPI, including owner-occupiers\u2019 housing costs (CPIH) \u2013 the ONS\u2019s preferred measure of inflation \u2013 was 2.1% for the month, compared with 2.4% in June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK\u2019s rate of inflation cooled in July to 2%, down from near three-year highs of 2.5% in June as the price of clothing dropped, but was pushed higher by petrol prices hitting highs not seen for nearly eight years.<\/p>\n","protected":false},"author":68,"featured_media":178870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,20824,10494,20826],"tags":[16534,20910,9879,17374,14175,12649],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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