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Unlikely to change MPC's view; look for reaction in linkers later

UK DATA
  • So small downside surprise in CPI/core CPI of a tenth. As we noted more analysts looked for softer CPI prints.
  • RPI surprises 2 tenths to the upside.
  • More reaction likely in linkers later than we are likely to see in either the pound or short sterling when it opens.
  • For the pound, the immediate reaction has been almost non-existent. As we noted earlier, we needed to see a decent surprise to see a substantial move.
  • This data is unlikely to really sway any MPC member into changing their decision on whether to hike at the November meeting.
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