Banca March: The latest UK inflation data has surprised on the downside as it has moderated more than expected. The UK economy’s CPI slowed its pace of growth in June, rising +7.9% year-on-year versus +8.7% the previous month. In addition, the underlying rate also showed positive signs as it moderated by two tenths to +6.9%, with services inflation also moderating by two tenths to +7.2%. These data surprised on the downside for the first time in the last five months and bring inflation below +8% for the first time in more than a year.
UK CPI stands at 7.9% year-on-year in June, first time below +8% in over a year
