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July CPI rose to highest since Mar
JUL CPI 0.4% M/M, +1.0% Y/Y VS +0.6% Y/Y JUN
JUL CORE CPI 0.4% M/M, +1.8% Y/Y VS +1.4% Y/Y JUN
JUL OUTPUT PPI +0.3% M/M; -0.9% Y/Y VS -0.9% Y/Y JUN
JUL INPUT PPI +1.8% M/M; -5.7% Y/Y VS -6.7% Y/Y JUN
Y/Y inflation ticked up to 1.0% in July, the highest level since Mar and beating market forecasts looking for an unchanged reading. Core inflation picked up as well, rising to 1.8%. Clothing and footwear posted the largest upward contribution, adding 0.15pp, mainly on the back of changed sales patterns. Transport was the second driver of Jul's uptick, contributing 0.12pp to CPI change due to a rise in petrol and diesel prices. The only negative contribution came from food and non-alcoholic beverages, subtracting 0.03pp from CPI. The ONS noted that only 12 items were unavailable in Jul and a new experimental series accounting for the change in spending patterns was released, showing that prices rose more than the headline figures. While the headline output PPI remained unchanged at 0.9% y/y, the input PPI improved to -5.7% in Jul, up from -6.7% in Jun. Petroleum products were the largest contributor to the output PPI, while crude oil showed the largest upward contribution to input PPI. Prices for petroleum goods and crude oil increased on the month.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.