CPI Slows Further On Back Of Falling Oil....>

UK DATA: CPI Slows Further On Back Of Falling Oil Prices

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- APR CPI -0.2% M/M, +0.8% Y/Y VS +1.5% Y/Y MAR 

- APR CORE CPI +0.1% M/M, +1.4% Y/Y VS +1.6% Y/Y MAR 

- APR OUTPUT PPI -0.7% M/M; -0.7% Y/Y VS +0.3% Y/Y FEB 

- APR INPUT PPI -5.1% M/M; -9.8% Y/Y VS -3.1% Y/Y FEB

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Y/Y CPI slowed to 0.8% in Apr, below expectations (BBG: 0.9%). Apr's decline was

led by falling prices for petrol and diesel, together with changes to domestic

energy price caps. Prices for electricity, gas and other fuels decreased

sharply, shaving off 0.35pp from price growth. Similarly, fuels and lubricants

plunged by 12.2%. Price gains were recorded in recreation and culture, namely

for games, toys and hobby equipment. The ONS noted that price collection was

impacted by the coronavirus but the effect on prices was muted. While output PPI

fell in Apr, input PPI showed a steeper fall, driven by falling crude oil prices

which showed the largest m/m decline on record (-34.1%).