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15 August 2018

Travel costs drive inflation up to 2.5%

Consumer price inflation rose to 2.5% last month, increasing for the first time since November 2017.

Joel Dungate, Investment Analyst at Redmayne Bentley, said: “While we saw a rise in inflation in July to 2.5%, the figure was in line with forecasts so won’t cause any major alarm. The small rise also supports the Bank of England’s decision to slightly tighten its monetary policy last month, when it raised interest rates to 0.75%.

“Motorists probably felt the pinch the most as prices at the pump drove the increase. On the other hand, rail travellers will be relieved to see that July’s inflation figure as measured by the Retail Price Index, which is used by the Department for Transport in setting rail fares, fell to 3.2% from 3.4% in June. Nevertheless, many long-distance commuters are still likely to see the annual cost of getting to work rise by over £100.”

Ends
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Notes to Editors
Redmayne Bentley is one of the largest independent investment management and private client stockbroking firms in the UK. The firm has a full range of services, from investment management services suitable for different life stages, through to traditional stockbroking, dealing with advice and tax efficient investments.
Redmayne Bentley’s service has repeatedly been recognised with quality service and administration awards, most recently Best ISA Provider and Regional Wealth Management Company of the Year for The North at the City of London Wealth Management Awards 2018, and Best Full Service Stockbroker at the Investors Chronicle / Financial Times Investment and Wealth Management Awards 2017.
 
Travel costs drive inflation up to 2.5%
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