UK Food Prices november 2011

UK Food Prices november 2011 : On the month, consumer prices rose 0.1 percent, the statistics office said. Food prices dropped 0.9 percent, the biggest monthly decline for an October since 1996. Tesco Plc, the U.K.’s largest supermarket chain, cut prices on 3,000 essential items starting in September to lure consumers. Transport costs fell 0.7 percent and petrol prices slipped 0.4 percent.

Today’s data showed core annual inflation, a measure that excludes alcohol, food, tobacco and energy prices, accelerated to 3.4 percent in October from 3.3 percent in September. Retail- price inflation, a measure used in wage negotiations, eased to 5.4 percent from 5.6 percent. By this measure, prices were unchanged on the month. The retail-price index excluding mortgage interest payments rose an annual 5.6 percent.

The Bank of England left the target for asset purchases at 275 billion pounds ($437 billion) this month after increasing it by 75 billion pounds in October. It also kept its benchmark rate at a record low of 0.5 percent.

Since the expansion of stimulus, surveys showed U.K. manufacturing output shrank in October and services growth cooled. At the same time, the euro-area turmoil has escalated, pushing Italian bond yields to a record amid investor concern that the region’s third-largest economy will struggle to shoulder its debt burden. For the latest updates PRESS CTR + D or visit Stock Market news Today

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