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MNI UK Inflation Insight: August 2024

MNI (LONDON)
  • There were a lot of moving parts in the August inflation report, but overall they largely cancelled themselves out in headline CPI which came in at 2.22%Y/Y vs 2.23%Y/Y in July.
  • Air fares, second hand cars, cultural services and furniture prices were the largest upside contributors (all of which are included in core) while fuel, alcoholic beverages and catering services were the largest downside contributors (only the latter in core). We look at the details in greater depth below.
  • Overall, the August print is still a bit softer than the BOE’s forecast, particularly for services prices. However, we don’t think it is weak enough for any MPC member to immediately change their underlying view.
  • We look more into the implications for the MPC, market pricing and the details of the print in greater detail in the full document.

See the full PDF here: MNI_UK_Inflation_Insight_-_2024_09_Release.pdf

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