Higher Than Expected CPI Reduces Chances For Another Easing Of Monetary Policy By The BoE

UK CPI data for September came out higher than expected: +0.2% m/m and +1% y/y against market expectations for 0.1% m/m and +0.9% y/y. The largest upward contribution to the change in the 12-month rate came from clothing and footwear prices, which rose by 5.2% m/m. The transport category also provided an upward contribution, with pump prices advanced by 1.2% m/m while food prices surprisingly declined 3% m/m

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