UK services inflation is a headache ...Middle East

The pound is flat today at 1.2715 in part because the US is on holiday but there was some minor selling earlier after a softer UK CPI print. Inflation was up 0.3% m/m compared to 0.4% expected but it was deeper within the report there was trouble as services inflation was hotter than anticipated.Deutche Bank called that portion of inflation 'the fly in the ointment' despite inflation returning to the 2.0% y/y target on the headline."What drove the upside surprise to services? While weak goods demand pulled core goods prices down, strong spillover effects from April lifted services CPI higher in May. Moreover, a stronger airfares print coupled with a spike in mobile phone application fees pus

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UK services inflation is a headache ...Middle East

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