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UK Data: Clothing Sales Offset Fuel Price Hike to Leave Jun CPI Level 
--UK Jun CPI Flat m/m; +2.4% y/y Unchanged vs May
--UK Jun Core CPI -0.1% m/m; +1.9% y/y vs +2.1% May 
--UK Jun Input PPI +0.2% m/m; +10.2% y/y vs +9.6% y/y in May
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Against analysts' expectations of a rise, CPI held firm at 2.4% in 
June. Upward pressure from elevated fuel prices and domestic utility 
price hikes was offset by clothing and footwear promotions and computer 
games. Cumulatively, fuels and electricity and gas prices were 
responsible for 0.19pp for the monthly change in CPI, but extensive 
promotions pushed clothing prices down by 2.1% -- the biggest May-June 
fall since 2012 -- knocking 0.08pp from the change in CPI.  Games and 
toys, as in May, also provided downside pressure, to the tune of 
-0.06pp. Stripping out erratics, core CPI fell to 1.9%, the lowest since 
March 2017 while crude oil prices sent input PPI to a 13m high.         

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