UK inflation hits lowest since December 2016, as house price slowdown bites – business live

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Rolling coverage of the latest economic and financial news, including new data showing the cost of living in Britain

This is from the Resolution Foundation:

Despite this potential for rising inflation in the future, low inflation now is helping boost real wages – and provide welcome increases in households’ incomes. pic.twitter.com/F7PPPAPhun

The NIESR thinktank have crunched through today’s inflation data, and concluded that Brexit uncertainty is holding prices down.

Jason Lennard, NIESR’s senior economist, explains:

Consumer price inflation was lower than expected at 1.7 per cent in the year to August 2019. Our analysis of 130,000 goods and services included in the basket suggests that fewer firms raised prices than is typical for this time of year.

Firms are probably waiting to see beyond 31 October before adjusting prices. The slowing of inflation was widespread, falling in 10 of the 12 regions of the United Kingdom with the biggest drops in Northern Ireland and Wales.”

According to #CPI data out today. #inflation fell by 0.4 pp to 1.7%. Our #analysis suggests the slowing of inflation was widespread across the country, driven by fewer firms increasing prices. – read @jason_lennard 's take in full:https://t.co/AI6WIS0VBl

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