UK CPI slowed to 1.8% yoy in January, down from 2.1% yoy and missed expectation of 2.0% yoy. That’s also the lowest level since January 2017. Core CPI was unchanged at 1.9% yoy, matched expectations. ONS noted that the largest downward contribution to the change in the 12-month rate came from electricity, gas and other fuels. Meanwhile, these downward effects were partially offset by air fares.
Also from UK,
- RPI slowed to 2.5% yoy, down from 2.7% yoy, below expectation of 2.5% yoy.
- PPI input slowed to 2.9% yoy, down from 3.2% yoy and missed expectation of 3.8% yoy.
- PPI output slowed to 2.1% yoy, down from 2.4% yoy and missed expectation of 2.2% yoy.
- PPI output core was unchanged at 2.4% yoy, above expectation of 2.3% yoy.
- House price index slowed to 2.5% yoy, down from 2.7% yoy, matched expectations.
- Sterling dips mildly after the release. But loss is so far very limited.
