Home Page | Photos | Video | Forum | Most Popular | Special Reports | Biz China Weekly
Make Us Your Home Page
Most Searched: Malaysia Airlines  Crimea  MH370  Antarctic rescue  Mandela  

UK to face long period of low inflation: EY

English.news.cn   2014-04-15 06:06:27

LONDON, April 14 (Xinhua) -- EY ITEM Club, a British forecasting group, Monday said that Britain would experience a long period of low inflation as the economy grows steadily.

Meanwhile, the institution raised the British economic growth forecast from 2.7 percent to 2.9 percent for this year.

Peter Spencer, economic advisor to EY ITEM Club said: "We are set for a long period of low inflation as pressures from commodity prices and the labor market, traditionally the two main suspects in the UK inflation drama, remain largely absent."

Britain's inflation rate was 1.7 percent in February and the unemployment rate had declined to 7.2 percent, according to the Office for National Statistics of the country.

The club also claimed that the wage growth rate increased faster than inflation for the first time in almost six years.

With inflation under control and a stronger pound, the forecast predicts that the British central bank will keep interest rates on hold at 0.5 percent until the third quarter of 2015.

Editor: yan
Related News
Home >> World            
Most Popular English Forum  
Top News  >>
Photos  >>
Video  >>
Top World News Latest News  
  Special Reports  >>