The global context remains one where there are serious concerns about deflation but, since those first surfaced, the oil price appears to have reached a bottom.However, in February it was still pushing down UK petrol pri…
The global context remains one where there are serious concerns about deflation but, since those first surfaced, the oil price appears to have reached a bottom.
However, in February it was still pushing down UK petrol prices by a further 1.4% mom after a fall of 6.4% in January but have then risen in March.
Societe Generale says...
Food inflation should have been close to the -2.6% yoy seen in January.
Some utility price cuts have been announced but they are due to become effective only in late February so will be captured in the March price survey.
Overall we expect CPI inflation to remain at 0.3% yoy with a risk of 0.2%. RPI inflation should fall from 1.1% yoy to 0.9%.
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