The UK Consumer Prices Index (CPI) 12-month rate came in at 2.4% in October, unchanged from September’s 2.4% and missed the 2.5% 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 1.9% booked in September while missing the consensus forecast of 2.0%.
The monthly figures showed that the UK consumer prices steadied at 0.1% in
October, missing 0.2% expectations.
Main Points (via ONS):
“The large downward contributions to the change in the 12-month rate from food and non-alcoholic beverages, clothing and footwear, and some transport elements were offset by upward contributions from rising petrol, diesel and domestic gas prices.
Other smaller upward contributions came from items in the miscellaneous goods and services, recreation and culture, and communication sectors.”
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