Details from the February 2017 UK CPIH, CPI, PPI, RPI & HPI data report 21 March 2017

  • Prior 1.9%

  • HICP 2.3% vs 2.1% exp y/y. Prior 1.8%
  • 0.7% vs 0.5% exp m/m. Prior -0.5%
  • Core 2.0% vs 1.8% exp y/y. Prior 1.6%
  • 0.8% vs 0.5% exp m/m. Prior -1.0%

PPI

  • PPI input 19.1% vs 20.1% exp y/y. Prior 20.5%
  • -0.4% vs 0.1% exp m/m. Prior 1.7%. Revised to 1.6%
  • PPI output 3.7% vs 3.7% exp y/y. Prior 3.5%

  • 0.3% vs 0.2% exp m/m. Prior 0.6%

  • Core PPI 2.5% vs 2.4% exp y/y. Prior 2.4%. Revised to 2.5%

RPI

  • 3.2% vs vs 2.9% exp y/y. Prior 2.6%

  • 1.1% vs 0.8% prior m/m. Prior -0.6%

  • RPI-ex mortgage payments 3.5% vs 2.98% prior y/y

  • 1.1% vs -0.6% prior m/m

HPI (Jan)

  • 6.4% vs 6.2% exp y/y. Prior 7.2%. Revised to 5.7%

Ok, where do we start?

CPI is the leader and it's a beat across the board so as I wrote before the data, the pound has taken off. All the numbers bare the core are over the BOE's target. The core number is probably Carney's last chink of light to keeping rates unchanged. If this trend goes another month like this they we will see more votes heading for the hike column.

UK CPI, Core & HICP y/y