Car prices increased by 5% in UK since Brexit vote as inflation threatens

by SpeedLux
a busy london street

Average car prices have increased by 5.2% since the Brexit vote in June 2016, according to industry research.

Together with the increasing price of fuel and food, it is one reason inflation could reach its highest level for two-and-a-half years when official figures are released later on Tuesday.

The City anticipates the UK’s Consumer Prices Index (CPI) to achieve 1.9% in the year to January.

It has increased progressively from -0.1% in October 2015 to 1.6% in December last year.

According to research study by What Car? publication, rates of vehicles sold in the UK have increased as a result of a fall in the worth of sterling, along with less discounts available.

It said the cost of some bigger people-carriers had increased by as much as 12.3%, although some other luxury cars were really more affordable.

Last year, 86% of the cars sold in the UK were imported from foreign countries, as per the Society of Motor Manufacturers and Traders (SMMT).

The pound has dropped by about 10% against the euro since the end of June 2016, prompting some producers to raise prices.

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