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Upside surprise, but many analysts had expected it

UK DATA
  • That CPI reading of 10.1%Y/Y equals its July cycle high. 18/39 analysts in the Bloomberg survey had been looking for a print of 10.1%Y/Y or higher - so this isn't a huge surprise.
  • Core CPI hits a new high of 6.5%Y/Y (also one tenth above consensus).
  • RPI also hits a cycle high of 12.6%Y/Y.

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