Analysts at TDS point out that UK’s May inflation was exactly in line with consensus and the BoE's forecast at 2.4% y/y, while core CPI was also in line with markets at 2.1% y/y.
“So it doesn't look like there should be any substantial impact here on BoE thinking. The bigger issue for them at the moment is ensuring that economic growth picks up from Q1, and tomorrow's retail sales data for May should give us more information on that side, where we do look for an above-consensus outcome.”
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