Latest data released by ONS - 24 March 2021
- Prior +0.7%
- Core CPI +0.9% vs +1.4% y/y expected
- Prior +1.4%
Slight delay in the release by the source. That's a much softer reading than estimated and certainly won't rush the BOE to move away from its current policy stance for now.
ONS notes that largest downward contributors to inflation last month was clothing, second-hand cars, games, toys and hobbies - offset by a rise in motor fuels, and housing and household services.
As the UK looks to move away from lockdown in Q2, we'll see how that translates into price pressures later on in the year and if that will press the BOE.
Some other details on the day as producer price and retail price figures are released:
- PPI output +0.6% vs +0.3% m/m expected
- PPI output +0.9% vs +0.3% y/y expected
- PPI input +0.6% vs +0.6% m/m expected
- PPI input +2.6% vs +2.6% y/y expected
- RPI +0.5% vs +0.6% m/m expected
- RPI +1.4% vs +1.5% y/y expected