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CPI: BBG: -0.1% m/m, +0.6% y/y; Prev (Jun) +0.1% m/m, +0.6%y/y
Core CPI: BBG: 1.3% y/y; Prev (Jun) 1.4% y/y
CPIH: BBG: +0.8% y/y; Pre(Jun) +0.8% y/y
- Y/Y inflation is expected to remain unchanged at 0.6% in Jul, after ticking up in June to 0.6% from May's 4-year low of 0.5%.
- Last month's uptick was mainly driven by upward contributions from recreation and culture, namely computer games and consoles.
- Surprisingly, upward pressure also arose from clothing and footwear, possibly linked to further discounts by retailers.
- Neither category is following the usual seasonal pattern due to the pandemic.
- Jul's services PMI is in line with market forecasts, noting that output charges were broadly unchanged.
- On the other hand, the BRC shop price index showed an annual decline by 1.3% of prices in Jul, although at a slower pace than in the previous month due to a slower fall in non-food prices.