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UK CPI rose by 0.3% in January

Tuesday, Feb 16 2016

The Consumer Prices Index (CPI) rose by 0.3% in the year to January 2016, in line with market forecasts, compared with a 0.2% rise in the year to December 2015. This is the third consecutive month of small increases, with the rate in January 2016 being the same as it was in January 2015. The main contributors to the rise in the rate were motor fuels, and to a lesser extent food, alcoholic beverages and clothing.  Air fare prices partially offset the rise in the rate, falling by more than they did a year ago. This followed a large increase in prices in December 2015.

The price of goods bought and sold by UK manufacturers, as estimated by the producer price index, continued to fall in the year to January 2016. This month shows the smallest decreases in both the output and input prices for the last 13 months.  Factory gate prices (output prices) for goods produced by UK manufacturers fell 1.0% in the year to January 2016, compared with a fall of 1.4% in the year to December 2015. Core factory gate prices, which exclude the more volatile food, beverage, tobacco and petroleum products, showed no movement in the year to January 2016, compared with an increase of 0.1% in the year to December 2015.

Sterling is currently being traded around 1.4450 area. Pair is likely to find support around 1.44 handle and resistance above 1.45 level. Later today, in the US session, Empire State Manufacturing Index figures are scheduled for a release.

More in this category: « RBA says low inflation may provide scope for easier monetary policy ZEW Economic Sentiment decreased less than expected »

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