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.
UK headline inflation fell to 2.0% in May, hitting the Bank of England's target level for the first time sice July 2021, data released by the Office for National Statistics on Wednesday showed.
On a monthly basis, CPI rose by 0.3% in May 2024, compared with a rise of 0.7% in May 2023. The largest downward contribution to the annual rates came from food, with prices falling this year but rising a year ago, whilst the largest upward contribution came from motor fuels, with prices rising slightly this year but falling a year ago. Core CPI rose by 3.5% in the year to May, down from 3.9% in April; the CPI goods annual rate fell from negative 0.8% to negative 1.3%, while the CPI services annual rate eased from 5.9% to 5.7%.
Although hitting the Bank's 2% target level, policymakers will likley vote later Wednesday to leave Bank Rate on hold at 5.25%, as services inflation is still running hotter than hoped, despited being on a downward trajection. The BOE MPC's rate decisokn will be published June 20 at midday. (seeMNI BOE WATCH: On Hold And Splits Set To Continue)
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.