The outturn for CPI inflation last month came in 0.3 percentage points below Fathom’s projection and 0.1 percentage points below the consensus forecast of 2.8 per cent. For Fathom, the miss was in core CPI — Fathom’s forecast was 0.3 percentage points higher than the outturn, which was 3.5 per cent. Fathom has for some time identified the degree of persistence in core CPI as one of the key uncertainties underpinning the long-term inflation outlook, an uncertainty that the Bank