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Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 18 for any matters arising from or in connection with the information.ĬMC Markets Singapore Pte. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. The pound needs to push above the recent range highs of 1.2300 to kick on towards the highs this year above 1.2400.ĭisclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. While the Fed has the luxury of being a touch more dovish later today the Bank of England does not. The pound has seen a lift on the back of this data, with today’s Fed meeting also offering a window if the US central bank signals a more dovish message when it meets later today. Headline and core inflation are on the rise again, and while it could merely be a one-off spike before slipping back, the timing couldn’t be worse, with the Bank of England having to explain to the Chancellor of the Exchequer that the battle against inflation might well take a bit longer. That no longer looks to be the case and Bailey and Co don’t have the luxury of being dovish in the aftermath of any rate hike tomorrow. With the recent turmoil in bond markets, they had the perfect excuse to signal that they were close to peak rates and that the battle against inflation was gradually being won. The MPC now has an even trickier problem to navigate than it had a week ago. Judging by the strength of this data that claim looks ever more spurious than ever in the absence of a sharp slowdown in the UK economy. Housing and household services also saw a year-on-year increase of 11.8%, and with various utility bill prices due to come into effect in April, along with eye-watering council tax rises there is little prospect of a respite in the short or medium term.Įarlier this year it was claimed that headline CPI could well fall back to 2% by the autumn by some economists. More concerning are the areas where inflation is still rising strongly, with food prices up by 18.2%, while we’re also seeing rising prices in restaurants and hotels of 12.1%, in response to rising wages. Based on these numbers it clearly isn’t and makes you wonder what it is in the data they are seeing.
It also calls into question the claims by Tenreyro and Dhingra that the transmission mechanism of previous hikes is already exerting downward pressure on prices. Today’s data seals the deal on a 25bps rate rise tomorrow but also increases the pressure for the central bank to go further and consider a 50bps move. Not only that but core prices also rose sharply from 5.8% to 6.2% dealing a blow to the Bank of England’s claims that CPI had turned the corner and was starting to come down. Just when you can’t think inflation can’t get any worse it does after UK inflation in February unexpectedly rose to 10.4%, when most had expected the headline number to fall back below 10% for the first time since August last year.
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