UK CPI unexpectedly eases to 2.4% y/y in September
|The UK Consumer Prices Index (CPI) 12-month rate came in at 2.4% in September, firmer from August’s 2.7% and beating the 2.8% print expected, the UK Office for National Statistics (ONS) reported on Wednesday.
Meanwhile, the core inflation gauge (excluding volatile food and energy items) arrived at 1.9% y/y versus 2.1% booked in August while missing the consensus forecast of 1.8%.
The monthly figures showed that the UK consumer prices dropped sharply to 0.1% in September, missing 0.5% expectations and 0.7% previous.
Main Points (via ONS):
“The largest downward contribution came from food and non-alcoholic beverages where prices fell between August and September 2018 but rose between the same two months a year ago.
Other large downward contributions came from transport, recreation and culture, and clothing.
Partially offsetting upward contributions came from increases to electricity and gas prices.”
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