Nigeria's inflation declines by 0.02 %


The UK's unemployment rate has fallen to a 42-year low as a record number of people are in work, figures show.

The unemployment rate in the period between January and March unexpectedly fell to its lowest level in almost 42 years at 4.6%.

Excluding bonuses, earnings rose by 2.1 per cent year-on-year, the weakest increase since July of last year and below expectations for a 2.2 per cent rise in a Reuters poll of economist.

Capital Economics said it expected inflation to exceed 3 percent before the end of the year but saw little sign of domestic inflation pressures becoming entrenched.

According to the NBS, this is the third consecutive month of a decline in the country's rate of inflation after climbing to over 18.44 per cent early in the year.

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The Bank said in its inflation report on Thursday that CPI would peak at 3% later this year, as the pound's slump following the Brexit vote causes price tags on everyday items to tick higher.

Meanwhile, the food sub-index increased by 2.04 percent in April, down by 0.17 percent points from 2.21 percent recorded in March.

Mark Carney, the Bank's governor, also warned that this year "will be a more challenging time for British households", but said the forecasts also assumed a "significant" pick-up in wage growth if the United Kingdom negotiates a smooth exit from the European Union. Inflationary pressures in the United Kingdom have risen sharply following the pound's dramatic depreciation after last June's shock Brexit vote.

Maike Currie, investment director for personal investing at Fidelity International, says: 'The combination of rising prices and lacklustre wage growth is squeezing real incomes and making life more hard for consumers.

Danske Bank economist Conor Lambe said inflation would continue to exert some pressure on households' spending power but he did not expect to see a huge fluctuation in the rate going forward.

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The Consumer Price Index (CPI) rose by an annualised 4.4 per cent in April compared to 5.1 per cent in March.

Malaysia's headline inflation has likely peaked in March as retail pump prices continued to decline in May.

Nominal earnings slowed to growth of 2.1 percent, an eight-month low. On month-on-month basis, the urban index rose by 1.61 percent in April from 1.76 percent recorded in March, while the rural index rose by 1.59 percent in April from 1.69 percent in March.

The ONS said that air fares - due to the timing of Easter - along with prices for clothing, vehicle excise duty and electricity contributed to the increase.

Ulster University economist Esmond Birnie warned that increasing inflation could decrease consumer spending.

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The core inflation rate remained stable at 2.5 percent.