This morning’s UK CPI release shows inflation driven down to 0.8% by falling oil and energy prices with core inflation at 1.4%. Output price inflation is now in negative territory, signalling further disinflationary pressures in the pipeline and bolstering the case for additional monetary stimulus from the Bank of England. This follows yesterday’s poor UK labour market data showing 856,500 jobless in April, with Chancellor Rishi Sunak pouring cold water on the prospects for a V-shaped recovery.
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