In today’s briefing:
- UK: Energised Inflation Is Not Controlled
UK: Energised Inflation Is Not Controlled
- UK inflation surged beyond our substantially above-consensus forecast to hit 11.1% on the CPI and 14.2% on the RPI in Oct-22. Food prices drove most of the upside for us.
- Underlying inflationary pressures remain far too high. The monthly impulse in the median rate is near its highs, as are the annual rates of most other metrics.
- We still see this as the peak, but repeating recent upside news could easily extend that further in the next few months. Energy price cap changes could also stoke Apr-23.
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