This morning the UK’s Purchasing Managers’ Index (PMI) fell to 51.7 in March from 54.5 in February while the OECD published consumer price inflation data that showed the UK had the highest inflation in the G7 group of advanced economies.
Consumer price inflation in the UK was 2.7%, compared to a G7 average of 1.9% and rates of 2.2% (Canada), 1.2% (France), 1.4% (Germany), 0.5% (Italy), 1.5% (Japan) and 2.2% (United States) in individual members states. In the UK food prices rose by 3.0% and energy prices by 3.6% in the year to February.
Commenting, Chris Leslie MP, leading supporter of Open Britain, said:
“The threat of Brexit has made Britain the stagflation capital of the world, with the slowest growth of any major world economy and now, it is revealed, the highest inflation in the G7.
“Anyone who has been abroad on holiday will know what a battering the pound has taken since the referendum and that has come back to Britain in higher food and energy prices.
“As the economic damage done by the threat of Brexit becomes clear, we all have the right to keep an open mind about whether it is the right direction for our country.”
Notes to editors
The latest figures for the PMI index are reported by Reuters here: https://uk.reuters.com/article/us-britain-economy-pmi/uk-economy-sags-under-weight-of-snow-in-march-ihs-markit-idUKKCN1HC0VX
The OECD’s report on inflation can be read here: http://www.oecd.org/sdd/prices-ppp/OECD-CPI-04-2018.pdf