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.
MNI (LONDON) - UK headline inflation was 2.2% in August on an annual basis, unchanged from July's year-on-year rearing and in line with financial market expectations, the Office for National Statistics said Wednesday.
On a monthly basis, CPI rose by 0.3% in August 2024, the same rate as in August 2023. The largest upward contribution to the monthly change in annual rates came from air fares, which rose this year but fell a year ago; the largest offsetting downward contributions came from motor fuels, restaurants and hotels. Core CPI rose by 3.6% in the 12 months to August 2024, up from 3.3% in July; the CPI goods annual rate fell from negative 0.6% to negative 0.9%, while the CPI services annual rate rose from 5.2% to 5.6%.
The data is largely in line with Bank of England expectations, although probably at the upper end, perhaps sealing the deal for the Monetary Policy Committee to keep rates unchanged at 5.0% for another meeting at least. (see MNI POLICY: BOE Seeks Low Key QT, No Sharp Pace Change Likely )
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.