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 sharply in July, largely in line with expectations, but core inflation was unchanged at 6.9%, giving the Bank of England's Monetary Policy Committee ammunition for another rate hike in September, data released by the Office for National Statistics on Wednesday showed.
Headline CPI fell 0.4% month -on-month, with the annual rise at 6.8% -- the slowest since February 2022 -- and slightly below the Bank of England's projection. The data was a big step towards Prime Minister Rishi Sunak's year-end target of around 5%.
But while the Bank of England will be encouraged by the fall in headline data, the stickiness of core prices -- and the uptick in services inflation to 7.4% y/y -- is likely to keep policymakers in tightening mode. (MNI BOE WATCH: BOE Downshifts To 25BP Hike, Rates Restrictive)
Factory gate inflation continues to slow, with both input and output prices in negative territory year-on-year in July.
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.