UK Inflation Hits 3 Year High - Stocks
Fall And Gold Rises On Investor Fears
UK inflation reached
the highest level since August 2018 prompting a drop in share prices as
investors looked for the safety of gold.
The price of gold was
up this week following the latest UK inflation figures, which saw CPI rise to
2.5%. Despite the pound's recent strength, gold climbed to £1,311.59 per ounce.
Elsewhere, stock
markets are subdued following the news, with the FTSE 100 down 0.46%
at 7092 points, Spain's IBEX 35 down 0.26%, and the Shanghai Composite
down 1.07%.
The data, from the
Office for National Statistics, repeats what has been said for the past few
months now: inflation is rising as food, clothing, fuel, and second-hand cars
are all costing more. The Land Registry group also confirms that house
prices are up 10% year-on-year, putting the average property value
at £254,624; less than £1,500 off March's all-time record of £256,000.
What does this
mean for the economy?
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