UK CPI September 2018 2.4% vs 2.6% exp y/y

September 2018 UK CPI, PPI and RPI inflation data 17 October 2018

Prior 2.7%
0.1% vs 0.3% exp m/m. Prior 0.7%
Core CPI 1.9% vs 2.0% exp y/y. Prior 2.1%
CPIH 2.2% vs 2.3% exp y/y. Prior 2.4%
RPI 0.0% vs 0.1% exp m/m. Prior 0.9%
3.3% vs 3.5% exp/prior y/y
RPI Ex-mortgage interest payments 3.3% vs 3.4% exp/prior y/y
PPI input 1.3% vs 0.8% exp m/m. Prior 0.5%
10.3% vs 9.2% exp y/y. Prior 8.7%
Output prices 0.4% vs 0.2% exp/prior m/m
3.1% vs 2.9% exp/prior y/y
Core output prices 0.1% vs 0.2% exp m/m. Prior 0.1%
2.4% vs 2.3% exp y/y. Prior 2.1%
August HPI 3.2% vs 2.8% exp y/y. Prior 3.1%

Sizeable miss in CPI. PPI holds up well enough so shows there’s still some passthrough to come.

GBPUSD doesn’t like the numbers anbd drops to 1.3126.

ONS says;

“Food was the main downward pull on inflation as last year’s September price rises failed to reappear, while ferry prices dropped after their surprisingly high summer peak. However, it wasn’t all one-way traffic with energy suppliers pushing up their prices.

“UK house prices again increased across the year with growth particularly strong in the East and West Midlands. We continued to see a slowdown in London and the East of England.”