August 2015 UK CPI 0.0% vs 0.0% exp y/y

Details of the August 2015 UK CPI, RPI & HPI data report 15 September 2015

• Prior 0.1%
• 0.2% vs 0.2% exp m/m. prior -0.2
• Core 1.0% vs 1.0% exp y/y. Prior 1.2%
• 0.4% vs 0.0% prior y/y
• RPI 0.5% vs 0.3% exp m/m. Prior -0.1%
• 1.1% vs 0.9% exp y/y. Prior 1.0%
• RPI ex-financials 0.5% vs 0.3% exp m/m. Prior -0.1%
• 1.2% vs 0.9% exp y/y. Prior 1.1%
• HPI 5.2% vs 5.7% prior y/y

On the face of it the headline numbers confirm the drop but there's higher prices in the retail sector which negates some of the effect from the main numbers

The ONS say that lower oil prices are pushing down on motor and heating fuel and clothes prices are rising less than a year ago

The core number is still the important one and the BOE will only worry about it if it drops down to near zero. These number won't change their mind as it's mainly energy prices that are still driving CPI lower and they have no power over that, just like they couldn't when oil was $100+ and CPI was 4%+

UK CPI & core y/y