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Ukraine battle may push UK inflation to eight% in H1, warns FLA - Pak Auto Services
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Ukraine battle may push UK inflation to eight% in H1, warns FLA

Ukraine battle may push UK inflation to eight% in H1, warns FLA

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The Finance and Leasing Affiliation (FLA) has warned that inflation may peak at 8% within the first half of 2022 after the worldwide financial outlook weakened following Russia’s invasion of Ukraine.

Automotive finance enterprise volumes rose 43% year-on-year in January, in line with the FLA’s newest information, however this got here in comparability to a interval impacted by dealership closures ensuing from authorities’s COVID-19 mitigation measures.

And whereas some degree of restoration remained on the playing cards, Geraldine Kilkelly, the FLA’s director of analysis and chief economist, advised rising strain on customers’ disposable revenue is ready to stymie the sector’s progress.

“The robust efficiency of the buyer automobile finance market in January partially displays the closure of showrooms through the third UK lockdown final yr and the continued record-high progress in used automobile costs,” mentioned Kilkelly.

“Annual new enterprise by worth reported by the buyer automobile finance market was only one% decrease in January than its pre-pandemic degree.”

She added: “The financial outlook within the UK and globally has weakened following the invasion of Ukraine, with client value inflation within the UK anticipated to peak at greater than 8% within the first half of this yr.

“However, we proceed to anticipate additional progress available in the market throughout 2022 as demand for finance for electrical automobiles and used vehicles stays robust.”

The FLA’s information for January confirmed that the buyer automobile finance market reported new enterprise volumes up 43% to 176,018 models.

The corresponding worth of latest enterprise elevated by 60% over the identical interval, rising to £3.19 billion, it mentioned.

Within the twelve months to January 2022, new enterprise volumes grew by 15% in contrast with the identical interval in 2021.

FLA information confirmed that the buyer new automobile finance market delivered new enterprise up 52% by worth (to £1.31bn) and 47% by quantity (to 53,788) year-on-year in January.

The patron used automobile finance market reported new enterprise up 66% by worth (to £1.89bn) and 41% by quantity (to 122,230) in the identical interval.

Within the twelve months to January 2022, new enterprise volumes on this market have been 17% increased than in the identical interval in 2021, the FLA mentioned.

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