- Prior 1.0%
- 0.0% vs 0.1% exp m/m. Prior -0.3%
- Core 1.3% vs 1.3% exp y/y. Prior 1.2%
- RPI 0.2% vs 0.1% exp. Prior -0.2%
- 1.6% vs 1.6% exp y/y. Prior 2.0%
- RPI ex-financials 0.1% vs 0.2% exp m/m. Prior -0.2
- 1.6% vs 1.7% exp y/y. Prior 2.0%
Lowest rate of annual inflation since May 2000. Cable has dipped below 1.5100 but the core number has come in as expected and that might limit the move south.
No need to guess the main culprits. Petrol, and energy utility bills the main driver. Flat on the month again but fell to +1.0% y/y from +3.3% in Nov.
UK CPI details 13 01 2015
As energy prices keep falling it’s going to lead to another soft report for January data next month. There might be some emphasis on the Dec retail sales numbers and whether the extra pounds saved from falling energy costs will filter through into spending elsewhere. I’m inclined to to think we may not see signs of that just yet as the energy companies won’t be too quick to pass on the savings. It’s happening at the petrol pumps but slower in utility bills.
UK CPI & Core yy 13 01 2015
