They rose by an annual 2 per cent in June. That may not seem so bad, and it is line with the Bank of England’s target, but the number was worse than the 1.9 per cent economists had hoped for.
Hotel rooms were among the chief villains of the piece. The restaurants and hotels category posted a 6.2 per cent rise and room rates were highlighted by Grant Fitzner, the chief economist of the Office for National Statistics, as a particular blackspot.
June was, of course, when a certain massive tour landed in the UK, pushing up demand for places to stay close to where the world’s biggest star was taking the stage – Edinburgh, Liverpool, Cardiff and London. Hoteliers have also been struggling to find staff, translating into higher wages and room rates.
Those in London will be drooling because there is another run of sold-out Wembley shows at the tail end of August to fatten their coffers. And Bruce Springsteen is due here, too. The people attending Swift’s shows will surely reckon it worth the financial pain they endured. My daughter’s joyful response to the Eras tour speaks to that. And here’s the thing: this is a nonrecurring phenomenon that shouldn’t overly worry the Bank of England’s rate-setting Monetary Policy Committee (MPC).
Denne historien er fra July 18, 2024-utgaven av The Independent.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 18, 2024-utgaven av The Independent.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Meet the new stars as F1 finally bloods young talent
For Kimi Antonelli, the 18-year-old wonderkid who Mercedes have high hopes will be their version of Max Verstappen, it was the biggest of comedowns at the Italian Grand Prix yesterday. The scene was set, the Autodromo Nazionale Monza glistening in 35C sunshine, as the Italian prospect expected to replace Lewis Hamilton at the Silver Arrows next year took to the track in first practice: his first session in Formula 1.
Summers-Newton powers to another swimming gold
There is no textbook for dealing with teenage sporting stardom, but Maisie Summers-Newton is as qualified as anyone to write it.
Dutch rivals were never pals - but now they're foes
They are not friends, according to Arne Slot. “Friends is someone you see a lot and go out with for dinner with,” said the Liverpool manager. Erik ten Hag does not belong in that category. Their relationship, Slot claimed, is as “good and normal as with other managers”. But a rivalry has been renewed; it may not be personal between them, but it tends to be between their clubs.
UK won't suddenly collapse because of a four-day week
Labour's 'Make Work Pay' proposals are aimed at boosting productivity and driving economic growth, not the opposite
Germany deports Afghans a week after deadly stabbings
Germany has deported Afghan nationals back to their homeland for the first time since the Taliban seized back power three years ago.
China not ready to invade at the moment, says Taiwan
China lacks the ability to fully invade Taiwan but is developing hypersonic weapons and other methods to threaten the island, Taipei's defence ministry has warned.
Brazilian court orders ban on X after Musk legal row
Brazil’s supreme court has ordered the “immediate and complete suspension” of Elon Musk’s social media platform X throughout the country.
Child dies as Russian bomb hits playground in Kharkiv
At least five people, including a teenage girl, have been killed in what Kyiv has said was a Russian glide bomb attack on an apartment block in northeast Ukraine.
Harris comes out of 'hiding' to ace her first TV interview
Democrat keeps race in her favour with 'do no harm' strategy
Man is caught 'upskirting' woman at British Museum
Police ask other victims on phone videos to come forward
