{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Brexit linked weaker pound boosts UK inflation to 1.6%' data-url='/boclips/videos/6878ec1a860c8396ee54d6e6' data-video-url='/boclips/videos/6878ec1a860c8396ee54d6e6' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBrexit linked weaker pound boosts UK inflation to 1.6%\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eInflation in Britain rose strongly in December – linked to the Brexit vote.  The large fall in the value of the pound against other currencies since last June’s referendum has pushed up the cost of imported raw materials.  Consumer...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eInflation in Britain rose strongly in December – linked to the Brexit vote. \u003cbr/\u003e\u003cbr/\u003e The large fall in the value of the pound against other currencies since last June’s referendum has pushed up the cost of imported raw materials. \u003cbr/\u003e\u003cbr/\u003e Consumer prices rose 1.6 percent compared with a year earlier, up from November’s 1.2 percent increase and more than 1.4 percent forecast from economists surveyed by Reuters.\u003cbr/\u003e\u003cbr/\u003e Analyst James Bevan, Chief Investment Officer at CCLA, believes that could hit the economy: “We have had an immediate pass through of the weaker currency to headline inflation. We have had food price inflation, we’ve had energy price inflation. Whether it is an issue or not really depends on whether inflation now gathers pace and begins to be translated into higher wage inflation, reduced competitiveness and therefore reduced profitability.”\u003cbr/\u003e\u003cbr/\u003e  Commenting on today’s inflation \u003ca href='https://t.co/MHVtnVADCx,' target='_blank' rel='nofollow'\u003efigures\u003c/a\u003e ONS Head of Inflation Mike Prestwood said: pic.twitter.com/lahPTToiYz— ONS (@ONS) January 17, 2017\u003cbr/\u003e\u003cbr/\u003e The Bank of England is keeping a close eye on how much British consumers’ spending power could be undermined.\u003cbr/\u003e\u003cbr/\u003e UK central bank Governor Mark Carney said in a speech on Monday that so far Britons are keeping on spending and are even borrowing more to do so: “At present we have a situation where households are almost entirely looking through Brexit-related uncertainties, savings rates are beginning to come down and consumer borrowing has accelerated notably.”\u003cbr/\u003e\u003cbr/\u003e But with Britain’s economic growth increasingly reliant on consumers it is at risk from a fall in spending power.\u003cbr/\u003e\u003cbr/\u003e  Watch live now: Governor Mark Carney at the London School of \u003ca href='https://t.co/gheCaYD2p8' target='_blank' rel='nofollow'\u003eEconomics.\u003c/a\u003e #LSECarney— Bank of England (@bankofengland) January 16, 2017\u003cbr/\u003e\u003cbr/\u003e The financial markets found some elements of Theresa May’s speech on Tuesday soothing which boosted the pound’s value. At one stage it rose nearly 3.0 percent against the dollar and 1.5 percent against the euro. \u003cbr/\u003e\u003cbr/\u003e But it remains substantially weaker than before the Brexit vote – with all that implies for future UK inflation.\u003cbr/\u003e\u003cbr/\u003e The Bank of England forecast in November that inflation will exceed 2.7 percent by the end of this year.\u003cbr/\u003e\u003cbr/\u003e But since then the pound has weakened further and international oil prices have risen. Many private-sector economists predict that inflation will hit 3.0 percent, possibly as soon as this summer.\u003cbr/\u003e\u003cbr/\u003e Read the full CPI report from the UK’s Office for National Statistics here\u003cbr/\u003e\u003cbr/\u003e  UK inflation: now it’s the pound in your pocket being \u003ca href='https://t.co/yQEkghsL0K' target='_blank' rel='nofollow'\u003edevalued\u003c/a\u003e— The Guardian (@guardian) January 17, 2017\u003cbr/\u003e\u003cbr/\u003e Core inflation, output prices\u003cbr/\u003e\u003cbr/\u003e Excluding oil prices – which have risen sharply in recent months – and other volatile components such as food, core consumer price inflation was 1.6 percent, compared with economists’ expectations for 1.5 percent.\u003cbr/\u003e\u003cbr/\u003e Data on factory gate prices underscored the inflationary pressures in the pipeline. Output prices rose 2.7 percent, their fastest annual rise since March 2012 although a bit weaker than forecasts of a 2.9 percent increase in the Reuters poll.\u003cbr/\u003e\u003cbr/\u003e Prices paid by factories for materials and energy rose by 15.8 percent, the biggest jump since September 2011.\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-solid fa-star-half-stroke text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci class=\"fa-regular fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt class=\"educator-rating-title\"\u003eEducator Rating\u003c/dt\u003e\u003cdd\u003e\u003cdiv class=\"educator-rating-details\" data-path=\"/educator_ratings/rrp_data?resourceable_id=91037073\u0026amp;resourceable_type=Boclips%3A%3AVideoMetadata\"\u003e\u003cspan class=\"not-yet-rated\"\u003eNot yet Rated\u003c/span\u003e\u003c/div\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Length\u003c/dt\u003e\n\u003cdd\u003e1:30\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003e9th - Higher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?grade_ids%5B%5D=259\u0026amp;grade_ids%5B%5D=255\u0026amp;grade_ids%5B%5D=256\u0026amp;grade_ids%5B%5D=257\u0026amp;grade_ids%5B%5D=258\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=358379\"\u003eSocial Studies \u0026amp; 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