FXStreet (Barcelona) – Economists at Wells Fargo Securities, preview the UK CPI inflation data to be released tomorrow, and forecast a 0.3% yoy gain.
Key Quotes
“The year-over-year rate of overall CPI inflation in the United Kingdom dipped into negative territory in April. Although the collapse in oil prices has contributed to the sharp fall in overall CPI inflation in recent months, the decline in the core rate of inflation shows that there are few inflationary pressures in general in the British economy at present. Consequently, the Bank of England does not appear to be in any hurry to tighten monetary policy, and we look for the Monetary Policy Committee to remain on hold through the end of the year.”
“Growth in consumer spending has been strong recently—retail sales rose 4.7 percent on a year-ago basis in April—and data on retail spending in May will give analysts insights into how British consumers are faring at present. Labor market data are also slated for release next week.”
“Previous: -0.1%; Wells Fargo: 0.3%; Consensus: 0.1% (Year-over-Year)”
(Market News Provided by FXstreet)