The drop in headline UK CPI inflation to -0.1% is a red herring. The real story lies elsewhere. Services price inflation, a simple measure of domestic pricing pressures, is at an all-time low of 2.0%.
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- Our CMI stood at just 2.5% in March, pointing to a further setback for China’s economy.
- This implies a much faster pace of deceleration than that reported by the official data.
- Notably, until early last year, our measure of China’s economic growth rate tracked that reported by the official data. The two now diverge wildly.
Opinion Editorial: General Election 2015
To download the full article by Phil Lachowycz, UK Economist at Fathom, published in City Wire Asset Allocation 360 April 2015, please click here: