UK CPI July 2018 2.5% vs 2.5% exp y/y

July 2018 UK CPI inflation and PPI data 15 August 2018

• Prior 2.4%
• 0.0% vs 0.0% exp m/m. Prior 0.0%
• Core 1.9% vs 1.9% exp y/y. Prior 1.9%
• -0.1% vs 0.0% exp m/m. Prior -0.1%
• RPI 0.1% vs 0.2% exp m/m. Prior 0.3%
• 3.2% vs 3.4% exp y/y. Prior 3.4%
• Ex-mortgage interest payments 0.1% vs 0.3% prior m/m
• 3.3% vs 3.4% exp y/y
• PPI input 0.5% vs 0.1% exp m/m. Prior 0.2%
• 10.9% vs 10.4% exp y/y. Prior 10.2%
• Output 0.0% vs 0.1% exp m/m. Prior 0.1%
• 3.1% vs 3.0% exp y/y. Prior 3.1%
• Core output 0.0% vs 0.2% exp m/m. Prior 0.2%
• 2.2% vs 2.1% exp y/y. Prior 2.1%

Inflation remains high so the BOE stays on the front foot on that part of policy. Nothing standout though. Inflation will remain firm while backed up by the PPI numbers, whioch were stronger.

GBPUSD not doing much at 1.2709.

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Ryan Littlestone

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