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Lloyds See Uptick in UK Inflation Likely a "Blip"

UK
  • Lloyds write that the uptick in December UK inflation was likely a blip, and it should be noted that inflation has moderated faster over Q4’23 than the BoE forecasted and their updated projections in February are likely to show the 2% inflation target being met sooner than they had previously expected.
  • They conclude that unless such outturns become more persistent the volatility seen in December is unlikely to be a cause for concern. Price momentum across the inflation basket is slowing with evidence from our UK Sector Tracker pointing to firms reporting fewer price rises.
  • Nonetheless, with wage growth still elevated and the risk of global geopolitical tensions injecting renewed volatility into commodity markets, the path towards price stability is unlikely to be smooth.
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