UK March CPI +0.2% vs +0.2% m/m expected
Latest data released by ONS - 17 April 2019
- Prior +0.5%
- CPI +1.9% vs +2.0% y/y expected
- Prior +1.9%
- Core CPI +1.8% vs +1.9% y/y expected
- Prior +1.8%
The pound slips a little on the release here but I wouldn't look too much into it as the release doesn't tell us anything new with regards to the current inflation picture. As mentioned in the preview, pound sentiment will still be largely dictated by Brexit developments.
Looking into the details, ONS notes that rising motor fuel prices are offset by falling food prices and a slower rise in computer games prices - resulting in the stagnant inflation picture from February to March.
The bigger takeaway for me is that London February house prices show a drop of 3.8% y/y. That's the steepest drop since August 2009. That said, housing market woes are also largely attributed to Brexit so there's that to consider.
Some other details on the day as producer price and retail price figures are released:
- PPI output +0.3% vs +0.2% m/m expected
- PPI output +2.4% vs +2.1% y/y expected
- PPI input -0.2% vs +0.3% m/m expected
- PPI input +3.7% vs +3.9% y/y expected
- RPI 0.0% vs +0.2% m/m expected
- RPI +2.4% vs +2.6% y/y expected
- February HPI +0.6% vs +1.2% y/y expected