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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.
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The August inflation print will have already been seen by the MPC – under the early access agreement they had been given the Monday morning.
The report follows a big downside miss in the July data – with the largest driver by far much softer-than-expected accommodation prices.
The lowest sellside estimate for services CPI in the previews that we have read came in at 5.38%, over two tenths above the 5.17%Y/Y print seen in July. The median of the previews that we have read came in at 5.5%Y/Y (with the mean at 5.55%, the Bloomberg median was a little higher at 5.6%). The highest estimates in the previews that we read of 5.7%Y/Y were all, however, still below the BOE’s 5.84%Y/Y forecast (from its August MPR).
The surprise to services in July was the main story, but it was also noteworthy that both core goods (non-energy industrial goods) and food prices surprised to the upside versus the BOE’s forecasts.
Sign up now for free trial access to this content.
Please enter your details below.
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.
MNI (LONDON)
The August inflation print will have already been seen by the MPC – under the early access agreement they had been given the Monday morning.
The report follows a big downside miss in the July data – with the largest driver by far much softer-than-expected accommodation prices.
The lowest sellside estimate for services CPI in the previews that we have read came in at 5.38%, over two tenths above the 5.17%Y/Y print seen in July. The median of the previews that we have read came in at 5.5%Y/Y (with the mean at 5.55%, the Bloomberg median was a little higher at 5.6%). The highest estimates in the previews that we read of 5.7%Y/Y were all, however, still below the BOE’s 5.84%Y/Y forecast (from its August MPR).
The surprise to services in July was the main story, but it was also noteworthy that both core goods (non-energy industrial goods) and food prices surprised to the upside versus the BOE’s forecasts.
