U.K. inflation likely increased to zero in October

In the United Kingdom, CPI inflation data is due today. As the fuel prices have fallen sharply, the food inflation seems to be contracted.

Kristin Forbes of the BoE MPC states that the goods price component are inched down as a result of appreciation of the pound.

"We expect a modest upward move to -1.0% yoy in October from -1.2%. Services inflation should at least match the September reading of 2.5% yoy and might exceed it. This should result in core inflation rising from 1.0% to 1.1% yoy. Overall, this suggests that inflation should rise from -0.1% to 0.0% yoy. RPI inflation should rise from 0.8% to 1.0% yoy", says Societe Generale.