UK October CPI was hit hard by the epidemic
The UK Consumer Price Index (CPI) rose by 0.7% year-on-year in October, which was higher than market expectations of 0.6% and an increase of 0.2% from the previous value. If calculated on a monthly basis, the CPI is flat, slightly higher than the negative 0.1% expected by the market, and the previous value increased by 0.4%. During the period, excluding energy, food, tobacco and alcohol, the core CPI rose by 1.5% year-on-year, which was also better than market expectations of 1.3%, an increase of 0.2% from the previous value. Local inflation has picked up slightly, mainly driven by rising food and clothing costs. However, the current overall inflation is still less than half of the 2% target set by the Bank of England earlier, reflecting the severity of the local economy being hit by the epidemic.
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