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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.
UK DATA
BRC-NIELSENIQ Shop Price inflation decelerated further to +5.2% Y/Y in October (vs +6.2% Y/Y prior), although it accelerated to +0.3% M/M (vs +0.0% M/M prior).
- The disinflation was due to both non-food and food inflation components falling to +3.4% Y/Y (vs +4.4% Y/Y prior), and +8.8% Y/Y (vs +9.9% Y/Y prior).
- The rate of disinflation in food has been at a faster pace than non-food, with this month’s fall being the sixth consecutive fall in food inflation (albeit from a higher peak).
- In the graph below, it shows disinflation continuing, with both the BRC Price growth and ONS NEIG and Food Inflation rates declining since around May-23.
- The latest BRC print indicates that NEIG Inflation is likely to continue this trend in the coming month, although both non-food and food price inflation has risen M/M in October (note these are non-seasonally adjusted monthly data, however).
- Head of Retailer and Business Insight at NielsenIQ indicated that the rise in disinflation is due to a “continued squeeze on discretionary spend”.
- This week is likely to see the BOE keep rates on hold at 5.25%, and the continued disinflation will likely be a comfort to the majority of the MPC.
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.
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