Nigeria inflation dips 18th time to 11.14%

A vendor arranges vegetable at his stall in a market in Mumbai

Big drop in inflation

In England, house prices increased by 2.7 per cent over the year to June 2018, with the average price now standing at £245,000.

Tej Parikh, senior economist at the Institute of Directors, said the rise in inflation showed the cost of living squeeze was not yet a thing of the past. "Despite the truckers' strike, food inflation eased considerably in July 2018, benefiting from the base effect", she said.

"For households, this isn't good news, as the already weak growth in their pay packets is being further eroded by high prices".

Wales saw average house prices increase by 4.3% over the previous 12 months to stand at £157,000.

"This is likely to weigh down consumer spending, posing fresh problems for embattled high street businesses".

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"As the temporary factors pushing prices up fade away, inflation is expected to slowly fall back close to the target rate, but that will offer little respite for workers without a significant pickup to their salaries in tandem".

The ONS added the price of fuels and lubricants had shown "considerable" growth over the period, jumping by as much as 26 percent since January 2016.

"Transport tickets and fuel, along with often erratic computer game prices, drove up costs for consumers", the ONS' head of inflation, Mike Hardie, said in a statement alongside the data release.

"On the other hand, there was a drop in prices for women's clothing and footwear, and some financial services". The fall can not be explained by the summer sales, as the fraction of goods and services at sales prices was the lowest since 2012.

Earlier this week official figures showed wages growth falling steadily over recent months, from 2.8% in February to 2.4% in June.

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And Howard Archer, chief economic adviser at EY ITEM Club, described the inflation data as "disappointing but not unsurprising" for families.

The average United Kingdom house price was £228,000 in June - £1,000 higher than in May and £6,000 higher than in June 2017.

Experts believe that even amid a 10 per cent monsoon deficit, kharif (mainly paddy) sowing has picked up, narrowing the gap to just 1.5 per cent relative to the area covered previous year.

"Based on this analysis, CPI inflation is set to return to the 2% target over the year ahead".

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