- UK July Consumer Price Index :+0.6% M/M vs. vs. +0.4% consensus, +0.8% prior.
- +10.1% Y/Y vs. +9.8% consensus, +9.4% prior.
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Rising food prices made the largest upward contribution to the change in both the CPIH and CPI annual inflation rates between June and July 2022.
- Core CPI: +0.3% M/M vs. +0.2% consensus, +0.4% prior.
- +6.2% Y/Y vs. +5.9% consensus, +5.8% consensus.
- As expected, the Bank of England raised its benchmark interest rate by 50 basis points on Thursday to 1.75% from 1.25%, representing its largest hike in 27 years as it seeks to tamp down inflationary pressures. The Bank expects inflation to top out at 13.3% in October.
- Inflation data triggered 26 bps rise in British 2-year Gilt yields to 2.41%, highest point since November 2008.
- ETFs: FXB , EWU , FKU , EWUS , HEWU , DGBP , FLGB , UGBP
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Food prices push inflation into double-digit, jumps to forty-year high