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MNI UK Inflation Insight: February 2024

UK DATA
  • There were small surprises in this morning’s February inflation data, with headline CPI one tenth below the Bloomberg consensus at 3.4%Y/Y and services CPI one tenth higher at 6.1%Y/Y.
  • Indeed, versus the Bank of England’s February MPR forecasts, headline CPI was a tenth lower than expected and services CPI was in line with expectations (this followed both being a tenth lower than forecast in the January print).
  • We look at the main contributors to the change in CPI between January and February.
  • Given how close the print was to the Bank of England's forecast, we don't think there is a significant impact on tomorrow's MPC meeting.

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