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UK January CPI +10.1% vs +10.3% y/y expected

Started by forex4you, Feb 15, 2023, 11:43 am

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UK January CPI +10.1% vs +10.3% y/y expected

<ul><li>Prior +10.5%</li><li>CPI -0.6% vs -0.4% m/m expected</li><li>Prior +0.4%</li><li>Core CPI +5.8% vs +6.2% y/y expected</li><li>Prior +6.3%</li><li>Core CPI -0.9% vs -0.5% m/m expected</li><li>Prior +0.5%</li></ul><p style="" class="text-align-justify">The headline reading is still in double-digits but it reflects a notable drop from the 10.5% reading in December at least. This has seen the pound fall in a kneejerk reaction, with cable down from 1.2135 to 1.2110 currently.</p><p style="" class="text-align-justify">Looking at the details, the easing in annual inflation in January mainly reflected price changes in the transport division, particularly for passenger transport and motor fuels. There were also downward effects from restaurants and hotels, with the largest, partially offsetting, upward effect coming from alcoholic beverages and tobacco.</p><p style="" class="text-align-justify">Taking it as a whole, this may very well signal a top in inflation in the UK and would vindicate smaller rate hikes by the BOE - which is the assumption now as markets see the central bank moving in 25 bps increments next.</p>

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Source: UK January CPI +10.1% vs +10.3% y/y expected
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