UK CPI came in as expected at 0.0% y/y. Slightly higher average petrol prices in March were offset by lower utility bills from gas price cuts. RPI was a touch softer at 0.9% y/y (cons: 1.0%). UK Economist notes that today’s data isn’t big news for policy expectations and expects CPI inflation to remain slightly above zero for most of 2015 before the petrol price base effects reverse and put upward pressure on inflation during Q4.
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