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.
The Bank of England was given further evidence of the sticky prices across the UK economy, with inflation again above its own expectations in March, despite falling to 10.1% year-on-year from 10.4%, data released by the Office for National Statistics on Wednesday showed.
Core inflation, which the BOE like all central banks, is monitoring closely, was unchanged at 6.2% y/y, despite expectations for a decline to 5.8%. Service sector inflation was unchanged at 6.6% y/y.
“Inflation eased slightly in March, but remains at a high level. The main drivers of the decline were motor fuel prices and heating oil costs, both of which fell after sharp rises at the same time last year," ONS Chief Economist Grant Fitzner said. "These were partially offset by the cost of food, which is still climbing steeply (up 19.1% y/y - a 45 year high), with bread and cereal price inflation at a record high," Fitzner added, noting that overall costs facing business have been largely stable since last summer, although remaining high.
Last week, BOE chief economist Huw Pill told an MNI Connect livestreamed event that inflation is expected to decline in Q2 2023. (MNI BRIEF: UK Inflation Still Seen Lower In Q2 - BOE Pill)
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.