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UK Consumer Prices (Jan. 2024)

By staying at 4.0% in January rather than rising as widely expected (BoE 4.1%, CE 4.1%, consensus 4.2%), January’s UK CPI inflation figures are better than expected and do not mimic yesterday’s surprisingly strong US inflation release. In fact, we think UK CPI inflation will fall sharply in the coming months and will be back below the 2.0% target in April.

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