British inflation rate rises to 4-year high as Brexit bites
British inflation rate rises to 4-year high as Brexit bites
Interest rates stay at 0.25% but three at Bank urge rise amid inflation fears
15 June, 2017, 02:21
In afternoon London deals, the pound climbed as high as $1.2738 following official data showing British Consumer Price Index inflation spiked to a near four-year peak of 2.9 percent in June.
The Bank of England is watching wage growth closely as it gauges whether the increase in inflation is creating longer-lasting pressure on prices. "The market is making a mistake in pricing in a higher rate-hike probability".
While higher interest rates raise borrowing costs, they boost the return on savings.
Meanwhile the euro briefly reached its strongest spot exchange rate against the pound since early November, at €0.8867. Inflation unexpectedly hit 2.9% in May, which was the highest level since June 2013.
The figures laid bare the squeeze on household finances as inflation outstrips wage growth, with CPI having been sent soaring as the Brexit-hit pound has pushed up the price of imported goods and energy.
By 0742 GMT, the pound had recovered 0.2 percent from Monday's closing levels in NY to trade at $1.2693, just over half a cent above Friday's intraday lows.
US consumer prices slipped 0.1 per cent in May
Medical services such as the cost of doctor's visits dipped 0.1 percent in May but have risen 2.5 percent over the past 12 months. That has led some retailers, including Macy's M.N , Sears SHLD.O and Abercrombie & Fitch ANF.N to announce shop closures.
Farm loan waiver on, protests off
Group of Ministers will also hold discussions with various political parties for a broader consensus and inclusion. If they fail, we will again agitate from July 25, farmer leader Raju Shetti told ANI .
Sterling has suffered further weakness at the start of this week as investors react to the government's attempts to outline its Brexit stance after a disastrous election for Prime Minister Theresa May.
What is clear is that even should May gain the support of the DUP for confidence votes and budgets, she will struggle to legislate normally at a time when the economy badly needs fiscal and policy support. "With higher political risks, and European Union negotiations further postponed, I think the probability of a negative scenario for the British economy has increased, which will force the BOE to keep a more expansionary monetary policy for some time".
"Rising interest rates generally indicate strength in the economy and if investors agree with this perception, then it should be positive for markets", he added.
USA borrowing costs "are a reflection of the strength of the United States economy, which, as the world's largest, is important to all countries", noted Oanda analyst Craig Erlam.
Also, US Attorney-General Jeff Sessions is due to testify on Tuesday to the Senate intelligence committee as it probes Russian meddling in the 2016 election and Moscow's links to under-fire President Donald Trump.
A gunman, hiding behind the base dugout at the baseball field in Alexandria, VA., fired about 50 shots before being stopped. Filous said she saw the shooter hit a uniformed law enforcement officer, who she said was later evacuated by helicopter.
It's a wondrous game filled with danger, imagination and thrills, and one we wouldn't mind playing through again. But the publisher could have a big surprise in store when it comes to a title from its previous console.
Talks with the DUP broke up on Tuesday night without an agreement, but Mrs May said the discussions had been "productive". Arlene Foster and DUP deputy leader Nigel Dodds entered Downing Street at around 12:40 p.m. (1140 GMT, 7:40 a.m.
Rear suspension has also been arranged so rear seating can be lower, resulting in easier access and more headroom for passengers. Offered with a choice of two turbocharged, small-capacity petrol engines, the Kona should be economical as well as fun to drive.
German Chancellor Angela Merkel said she assumed Britain still wanted to leave the European Union and talks should start quickly. Parliament reconvenes following the national election to elect a speaker for the lower house, the House of Commons .
Ambassador to the UN Nikki Haley (r.) vote on a UN Security Council resolution to expand its North Korean blacklist. . Russian Federation has denounced North Korea's nuclear ambitions as a "direct threat" to the country.
Had Trump kept silent, "He would have had a stronger basis because of the ongoing Russian Federation investigation", Rozell added. Comey would not have told Trump he is not a potential target because he knows better than to disclose that kind of information.
Court approves Marsh deals to sell 26 grocery stores
Marsh sold its pharmacy assets to CVS in April, and had agreed not to allow pharmacies in stores that had them for five years. Fresh Encounter now has 34 stores in OH and in , including Great Scot, Community Markets and Sack n' Save, to 44 stores.
Man United face West Ham & Swans in opening matches
Arsene Wenger's Gunners have a chance to show their top-four credentials in week three when they visit Liverpool . Rafael Benitez's men beat Spurs 5-1 at St James' Park the last time they played a Premier League game.
Boris Johnson denies plot to topple UK PM Theresa May
Beleaguered May is appointing new members of her government after several. " Theresa May has been to the palace". Owen Paterson, a senior Conservative lawmaker, said "let's see how it pans out", when asked about May's future .
Democratic Unionists in Northern Ireland become election key
If all this uncertainty weren't enough, the Labour Party, which won 261 seats in the election, has its own divisions to deal with. Instead, the result has sown confusion and division in British ranks, just days before negotiations are due to start on June 19.
Uncharted: The Lost Legacy story trailer, screenshots
Supporting characters from previous Uncharted games Chloe Frazer and Nadine Ross take center stage in the Uncharted series. Along the way, they'll learn to work together and leverage their unique skills to unearth the mystery of the Tusk.
Crown says employees detained in China have been charged
The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. Cases of this sort can take up to two years to progress from police to prosecutors and the court, this has taken nine months.