UK CPI softens to 10.7% YoY in November vs. 10.9% expected.
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- UK CPI softens to 10.7% YoY in November vs. 10.9% expected.
- Monthly UK CPI arrives at 0.4% in November vs. 0.6% expected.
- GBP/USD pares back gains toward 1.2350 on a big miss to the UK CPIs.
The UK annualized Consumer Prices Index (CPI) came in at 10.7% in November against the 11.1% registered in October while missing estimates of a 10.9% print, the UK Office for National Statistics (ONS) reported on Wednesday. The index eased from its highest level since November 1981.
developing story …
The Bank of England (BOE) is tasked with keeping inflation, as measured by the headline Consumer Price Index (CPI) at around 2%, giving the monthly release its importance. An increase in inflation implies a quicker and sooner increase of interest rates or the reduction of bond-buying by the BOE, which means squeezing the supply of pounds. Conversely, a drop in the pace of price rises indicates looser monetary policy. A higher-than-expected result tends to be GBP bullish.
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