Inflation figures: Deloitte chief economist comments
16 June 2015
Commenting on the inflation statistics for May, published this morning by the Office for National Statistics, Ian Stewart, chief economist at Deloitte, the business advisory firm, said:
“April’s drop into deflation has proved temporary, but the big picture is of very weak price pressures. Inflation is unlikely to rise significantly above the zero mark for the rest this year. Even stripping out the effects of big declines in energy and food prices, so-called core inflation is not far off a 15-year low.
“With inflation likely to stay below its 2.0% target until 2017, the Bank of England can afford to take its time before raising interest rates. UK consumers will continue to benefit from very weak price pressures and ultra-low interest for some time yet.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
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