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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).
  • Headline CPI is expected at 2.2%Y/Y (both MNI and Bloomberg median; BOE 2.37%) with core CPI at 3.6%Y/Y (for both MNI/Bloomberg median).
  • 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.

For the full document including over a dozen sellside expectations click here.

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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).
  • Headline CPI is expected at 2.2%Y/Y (both MNI and Bloomberg median; BOE 2.37%) with core CPI at 3.6%Y/Y (for both MNI/Bloomberg median).
  • 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.

For the full document including over a dozen sellside expectations click here.