BULLET: UK Data: CPI Dragged Lower by Transport, Clothing....>

UK Data: CPI Dragged Lower by Transport, Clothing Prices; Core Down Too  

--UK April CPI +0.4% m/m; +2.4% y/y vs +2.5% y/y in March

--UK April Core CPI +0.4% m/m; +2.1% y/y vs +2.3% y/y in March 

--UK April Input PPI 0.4% m/m; +5.3% y/y vs +4.4% y/y in March

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CPI inflation fell 0.1pp to 2.4% in April, below analysts' 

expectations, with declines in the prices of core goods and services 

offsetting upward pressures from soft drinks and fuel. Transport and 

clothing prices subtracted 0.09pp and 0.06pp respectively from overall 

CPI, offseting upward influences from fuel prices (+0.09pp) and soft 

drinks and juices (+0.02pp). Stripping out these erratic factors, core 

inflation eased 0.2pp to 2.1%, lowest since March of 2017. A 19.9% y/y 

rise in crude oil prices was enough to lift input PPI, but there was no 

sign of an immediate pass-through into output prices, with output PPI 

unchanged at 2.7% y/y.