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29th Jun 2022 15:01U.K., Daily Monitor

Rising energy prices likely accounted for 1.6 percentage points of May's 4.9% rate of services CPI inflation.

While the jump in the VAT rate for the hospitality and recreation sector likely has lifted it by a further 0.6pp.

Underlying services inflation, therefore, only just exceeds its 2.5% average rate in the second half of the 2010s.

BoE cpi cpi inflation electricity energy energy prices gas prices government July June labour labour market mpc natural gas natural gas prices October ONS recreation restaurants selling prices services inflation services sector us vat vat cut wages

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Keywords for: Services Inflation is High Only Due to Energy Price Rises and Tax Changes

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