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MNI UK CPI Preview - November 2023

UK DATA
  • UK markets are primed for the release of November inflation tomorrow. The MPC did not have advanced sight of the data in their monetary policy deliberations last week and they noted that although October inflation had come in softer-than-expected, a number of components that had contributed to the surprise were not necessarily drivers of a clear underlying trend.
  • We look at the main components and expectations around them (services inflation is expected to remain sticky at either 6.5%Y/Y or 6.6%Y/Y) but there is potential for some upward pressure from hotels and accommodation. Core goods, food and petrol prices are all expected to contribute to headline disinflation.
  • We have also summarised views from over 15 sellside analysts.

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