UK CPI arrives a tad weaker at 2.3% y/y in November, meets estimates

Dhwani Mehta FXStreet

The UK Consumer Prices Index (CPI) 12-month rate came in at 2.3% in November, down from October’s 2.4% and meeting the 2.3% 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 1.8% y/y versus 1.9% booked in October while in line with the consensus forecast of 1.8%.

The monthly figures showed that the UK consumer prices rose to 0.2% in November, matching 0.2% expectations and 0.1% previous.

Main Points (via ONS):

“The largest downward contributions to change in the 12-month rate came from falls in petrol prices and across a variety of recreational and cultural goods and services, principally games, toys and hobbies, and cultural services.

These downward effects were offset by increased tobacco prices and, to a lesser extent, price rises in a variety of other categories, for example, accommodation services and passenger sea transport.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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