12 September, 2017
United Kingdom inflation measured by the Consumer Prices Index rose to 2.9% in August, up from 2.6% in July, figures show.
In August 2017, "Food and non-alcoholic beverages" rose by 6.9 percent.
The ONS also said that it granted "exceptional pre-release access" to the August data to the BoE last week, with the Bank then stepping up its warnings to both consumers and business that the current low-rate environment is not sustainable given the ongoing rise in prices thanks in large part the pound's 12% decline on foreign exchange markets after last year's Brexit vote.
The prices of the "fresh products" increased by 3.8 percent on annual change and increased by 2.5 percent on a monthly basis.
Globally, inflation is projected to reach 3.0 percent in 2017 from 2.8 percent registered in 2016. History tells us that the impact of inflation on consumers tends to be lagged, i.e. companies will try to absorb some of the pain before passing on price hikes to consumers.
However, according John Rwangombwa, the governor of the Central Bank, the improvement in global demand, in line with good economic performance around the world, is expected to positively affect the Rwandan economy.
The national bank has already projected inflation to average at about 4 percent by the end of the year.
