From the UK Times - says a mistake by the UK's Office for National Statistics has led to domestic inflation being understated
- And thus pressure may build more rapidly on the Bank of England to raise interest rates
- On Friday ONS published an error in one of the data points used by the Bank of England to gauge domestic price pressures.
- ONS correction to be released on Monday (UK time)
- ONS expected to reveal that companies' employment costs have been rising faster than previously believed
Times article for more is here, may be gated:
Inflation bungle piles on the pressure for rate rise
ONS set to correct employment costs data
This Times piece is as yet unreported in other media
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This should be supportive for the GBP (if inflation data is corrected higher and this leads to pressure on the BoE to hike more rapidly than otherwise thought it's a positive for GBP).
