BULLET: UK Data: CPI Unchanged at 2.6% in June; Input Prices.>

UK Data: CPI Unchanged at 2.6% in June; Input Prices Fall On Base Effect   

--UK Jul CPI  -0.1% m/m; +2.6% y/y unchanged vs June

--UK Jul Core CPI -0.1% m/m; +2.4% y/y unchanged vs June 

--UK Jul Input PPI flat m/m; +6.5% y/y Vs +10.0% in June

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Falling fuel prices offset by increasing food, clothing and 

household goods prices meant that CPI inflation was unchanged at 2.6% in 

July. Fuel prices were down 1.3% m/m, enough to contribute -0.07pp to 

the monthly change in CPI between June and July. Slight increases in 

food, clothing and household goods roughly offset this. Input prices 

fell at the fastest rate since Apr 2012, down 3.5pp to 6.5% in July from 

10.0% in June, due to a strong crude oil base effect. Factory gate 

inflation slowed further in July, down 0.1pp to 3.2% y/y. RPI increased 

0.1pp to 3.6% in July, but ONS offcial James Tucker stressed, "it is not 

a good measure and we do not recommend its use".