UK March CPI comes in as expected

UK March CPI rose +0.2% m/m, +2.9% y/y, exactly in line with the median forecasts. The annual rise was the weakest reading since March 2008.

Meanwhile RPI was flat m/m, -0.4% y/y versus median forecasts of -0.2% m/m, -0.5% y/y. It is the first negative annual read since 1960. No real surprises. Global price pressures continue to abate against a backdrop of weak demand. Ongoing trend, set to continue for time being.