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 annual inflation rose 2.0% in June, as in May, the Office for National Statistics said Wednesday, a liitle higher than expectations. On a monthly basis, CPI rose by 0.1% in June.
The largest upward contribution to the monthly change in CPI came from restaurants and hotels, where prices of hotels rose more than a year ago. The largest downward contribution came from clothing and footwear, with prices of garments falling this year having risen a year ago. “Hotel prices rose strongly while second-hand car costs fell but by less than this time last year. However, these were offset by falling clothing prices," ONS Chief Economist Grant Fitzner said.
Core CPI (excluding energy, food, alcohol and tobacco) rose by 3.5% in the 12 months to June 2024, the same rate as in May; the CPI goods annual rate fell from negative 1.3% to negative 1.4%, while the CPI services annual rate remained at 5.7%. Although only a shade higher than both market and BOE expectations, the data will give the more hawkish members of the MPC ammunition to hold again in August.
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.