Friday, July 30

Bank of England

Bank of England, CPI inflation, Economy, June, Markets, MI Exclusive, reopening, UK CPI inflation, UK inflation, us inflation, used car prices

UK inflation jumped to a three-year high in June, driven by price increases in clothes and second-hand cars

Clothing prices rose in June after UK stores reopened. Mike Kemp/Getty Images Prices across the UK economy rose at the fastest rate in three years in June, official data released Wednesday showed, as Brits spent on clothes and meals out as the economy reopened.The UK consumer prices index rose 2.5% in the year to June 2021, from 2.1% in May. It was the highest reading since August 2018 and above economists' expectations for a 2.2% increase.Britain's Office for National Statistics said prices rose in particular for food, second-hand cars and clothing in the year to June, as well as for eating and drinking out and motor fuel."Some of the increase is from temporary effects, for example rising fuel prices which continue to increase inflation, but much of this is due to prices recover...
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Tumbling lumber prices are a sign that strong inflation will be temporary, Bank of England boss says

Lumber prices plummeted in June. Carolyn Cole/Getty Images The plunge in lumber prices is a sign strong inflation should fade, the Bank of England's governor said. Andrew Bailey is among the central bankers to argue that inflationary pressures should be temporary. Lumber prices soared but then tumbled 45% in June as sawmills upped production and demand slipped. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The dramatic fall in lumber prices in the last month is a sign that strong inflation will be temporary, the governor of the Bank of England said on Thursday.Lumber futures soared in the first few months of the year before dropping more than 40% in June. Prices peaked at more than $1,670 per thousand board feet of lumber in early May, but have since p...
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US futures rise ahead of jobless claims and Fed speeches, while oil extends rally as outlook brightens

US stock index futures climbed on Thursday as investors awaited the release of weekly jobless claims data and prepared to digest a series of speeches from Federal Reserve officials.Meanwhile, oil prices extended their rally as the outlook for the global economy brightened, with vaccine rollouts spurring expectations of strong demand for energy in the coming months. Oil is on course for a third straight monthly gain in June. In Europe, stocks rose ahead of the Bank of England's interest rate decision. It is expected to leave monetary policy on hold but investors will scrutinize the decision for signs of concerns about inflation, which jumped abo...