UK April CPI +0.6% vs +0.7% m/m expected
Latest data released by ONS - 22 May 2019
- Prior +0.2%
- CPI +2.1% vs +2.2% y/y expected
- Core CPI +1.8% vs +1.9% y/y expected
- Prior +1.8%
Slightly weaker figures than expected but they are marked higher relative to March due to Easter seasonality. ONS notes that energy bill prices were the biggest upwards driver of inflation in April though, so that's a bit of a surprise but I reckon that the side effects from the Easter holiday also has something to do with the bump up.
But as mentioned in the calendar preview, it does nothing to change the overall picture for the pound. The BOE still has its hands tied and all roads still lead to Brexit. Cable is little changed at 1.2675 from around 1.2680 before the release.
Some other details on the day as producer price and retail price figures are released:
- PPI output +0.3% vs +0.3% m/m expected
- PPI output +2.1% vs +2.3% y/y expected
- PPI input +1.1% vs +1.3% m/m expected
- PPI input +3.8% vs +4.5% y/y expected
- RPI +1.1% vs +0.9% m/m expected
- RPI +3.0% vs +2.8% y/y expected
- March HPI +1.4% vs +1.0% y/y expected