ConDems plan A for "Stagflation" bites

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A topic from News & Current Affairs: Political

laresTue 18/10/11 10:54

"The UK economy has stalled at a dangerous junction, according to independent forecaster Ernst and Young. The body, whose Item Club uses the same forecasting methods as the government, says the economy needs new growth measures to get back on track. It says uncertainty across the eurozone and a slowing world economy is undermining business confidence.

Ernst and Young also says the Bank of England's new quantitative easing (QE) bout is unlikely to prompt recovery. The Item Club has downgraded its forecast for gross domestic product (GDP) to just 0.9% this year, well below the 1.4% it predicted three months ago."

"The rate of Consumer Prices Index (CPI) inflation in the UK matched its record high in September, rising to 5.2% from 4.5% the month before. An increase in energy costs was behind a large proportion of the rise.

The 5.2% rate is the highest CPI measure since September 2008, and it has never been higher since the CPI measure was introduced in 1997. The Retail Prices Index (RPI) - which includes mortgage interest payments - rose to 5.6% from 5.2%.

The latest RPI measure is the highest annual rate since June 1991. The Office for National Statistics, which released the data, said in a statement: "By far the largest upward pressure to the change in CPI... came from increases in gas and electricity charges. "There were also large upward pressures from air transport and communication services.""

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