MNI China Daily Summary: Thursday, March 14

MNI BRIEF: China Consumers Optimistic On 2024 Household Income

MNI: PBOC Drains Net CNY7 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.0974 Thurs; -4.48% Y/Y

CHINA PBOC INJECTS CNY3 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.0974 THURS VS 7.0930

MNI:US FEB RETAIL SALES +0.6%; EX-MOTOR VEH +0.3%

US FEB RETAIL SALES $700.7B VS JAN $696.7B

MNI: US FEB FINAL DEMAND PPI +0.6%, EX FOOD, ENERGY +0.3%

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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MNI DATA BRIEF: UK May CPI Outpaces Forecast; Above BOE Target

(MNI) LONDON
LONDON (MNI)

UK consumer prices jumped by an annual rate of 2.1% last month, from 1.5% in April, well ahead of the 1.8% increase forecast by City analysts, the first above-Bank of England target outturn in 21 months, the Office for National Statistics said Wednesday. Motor fuels accounted for 0.1 percentage points of the change in CPI, following a 17.9% annual rise in petrol prices to an average of 127.2 pence per litre from an unusually-low base in 2020.

Clothing and footwear prices added another 0.16 percentage points to rise in inflation, after an abnormally-large period of discounting last year, while recreation and culture added 0.19 percentage points. RPI jumped to 3.3% from 2.9%, the highest rate since October 2018.

Stripping away volatility in energy prices, core CPI also hit the BOE's target, which could provide for spirited discussion at next week's MPC meeting. Core CPI rose to 2.0% from 1.3% in April, far outpacing expectations, reaching its highest level since August of 2018.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion
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