Inflation

Inflation in the UK rose slightly in February to 1.9% on the back of higher food prices, according to the Office for National Statistics (ONS).

The UK Statistics Authority's (UKSA) "refusal" to fix a long-standing error in the retail prices index (RPI) is "untenable" and demonstrates a need to commit to one measure of inflation.

UK inflation fell from 2.3% to 2.1% in December, approaching its lowest rate for two years, according to the Office for National Statistics (ONS).

Philip Hammond's 2018 Budget speech was entirely devoid of any mention of pensions, but the documents do include some things for the industry to take note of. Professional Pensions rounds up the eight key Budget plans and shortcomings.

The government will gradually adopt a version of the Consumer Prices Index (CPI) which incorporates housing costs for pension funds and index-linked gilts, it confirmed today.

The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.

UK inflation hit a six-month high of 2.7% in September, having held steady earlier this year. The rise is not good news for consumers - slowing the recovery in spending power.

UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.

Chancellor Philip Hammond has said he would be happy to hear about reforming the retail prices index (RPI) as long as the Office of National Statistics (ONS) initiates discussions.

UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.