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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.
UK DATA
MNI (London)
UK inflation eased for a second month in December, ticking down by 0.2pp to +10.5% y/y in line with consensus estimates, having remained above the 10% level since July (barring the August reading of +9.9% y/y).
- The largest downward contributions came from transport, driven by lower auto fuel prices. Food inflation was up +16.9% y/y, having risen for a 17th consecutive month to a fresh 45-year high.
- Core CPI increased by +0.5% m/m, remaining sticky at +6.3% y/y against expectations of a 0.1pp decline. Core services were up +5.8% y/y from +5.4% y/y in November, the highest since Sep '92 and outpacing downwards pressure from apparel and recreation/culture.
- As such, this data can be interpreted as marginally hawkish for the divided BOE ahead of the Feb 2 meeting and could influence MPC members leaning towards slowing to 25bp in line with the Fed to shift back to 50bp. Markets are currently pricing around 44bp.
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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