UK CPI fell to deflation area first time ever

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Tuesday, May 19 2015

The UK Consumer Prices Index fell by 0.1% in the year to April 2015, compared to no change (0.0%) in the year to March 2015, missing forecasts on remaining unchanged. This is the first time the CPI has fallen over the year since official records began in 1996 and the first time since 1960 based on comparable historic estimates.The largest downward contribution came from transport services - notably air and sea fares, with the timing of Easter this year a likely factor.

Furthermore, total PPI input prices rose 0.4% between March and April 2015, unchanged from last month and below expected incline by 0.8%. The overall price of materials and fuels bought by UK manufacturers for processing (total input prices) fell 11.7% in the year to April 2015, up from a fall of 12.8% in the year to March 2015.

Sterling continued with its downtrend after the data and currently being traded few points below 1.5550 handle. Pair is likely to find support around 1.55 and resistance above 1.56 area. Later today, in the US session, Building Permits and Housing Starts figures are scheduled for a release.

More in this category: « RBA opts for lower exchange rates Disappointing ZEW Economic Sentiment figures »

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