UK February CPI mm +0.4% vs +0.5% exp

UK February CPI mm +0.4% vs +0.5% exp

UK February inflation data now out 20 March

  • -0.5% prev
  • yy 2.7% vs 2.8% exp vs 3.0% prev
  • Core CPI yy 2.4% vs 2.5% exp vs 2.7% prev
  • CPIH yy 2.5% vs 2.6% exp vs 2.7% prev
  • Retail price index 278.1 vs 278.2 exp vs 276.0 prev
  • RPI mm 0.8% as exp/prev
  • yy 3.6% vs 3.7% exp vs 4.0% prev
  • RPI ex mortg interest pymnts 3.6% as exp vs 4.0% prev
  • HPI yy 4.9% vs 5.0% exp vs 5.0% prev revised down from 5.2%

Says the ONS:

  • The largest downward contributions to the change in the rate came from transport and food prices, which rose by less than a year ago.
  • Falling prices for accommodation services also had a downward effect.

  • Rising prices for footwear produced the largest, partially offsetting, upward contribution.

Softer headlines should be no real surprise as per my preview. Lessens the need for a rate hike but a peak up around 3% was in the BOE f/c anyhow.

Algos take GBPUSD down to 1.4017 but the demand around 1.4020 that I highlighted in the order board post is holding further falls and now 1.4040 again. EURGBP 0.8784 after a run up to test 0.8800

I hope you were poised with your entry/exit levels as I always advise in previews of key data events.

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