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Today, some of the measures of inflation in UK improved but levels of inflation that can be considered as normal, still very far away.
Given such, though Bank of England policymakers said they would consider hiking rates at turn of the year, it seems it is quite difficult to digest the idea given UK's zero inflation and Bank of England's rate standing at 0.5%.
Key highlights
- Producer price index (output) dropped -1.8% in August y/y. Producer price index dropped by -0.4% m/m.
- House prices grew in July, however at slower pace than expected, grew 5.2% in August from a year ago. Much lower than analysts' expectations of 6.2 % growth.
- Retail price index up sharply, at +0.05% m/m and grew 1.1% y/y in August.
- Consumer price index stayed at 0% m/m but Core CPI remained at 1% from a year ago, compared to prior 0.8%.
Pound is sharply down today, failing to break above key 1.55 resistance area.
