Report
Philip Rush
EUR 117.25 For Business Accounts Only

UK: Covid-costs passed to consumers in Jul-20

- UK inflation data for Jul-20 delivered a surprise surge to 1% on the CPI and 1.6% on the RPI. Most prices have now ceased to be imputed, and the return to reality has proven highly inflationary as companies pass on their Covid-costs to consumers.
- Summer sales scarcely existed for clothing, which reduces the room for a seasonal rebound. The upside in most other areas looks likely to persist in the price level until Covid-costs can ease, including related to PPE use.
- A sharp drop is still set for August amid the “eat out to help out” scheme’s somewhat controversial inclusion in the basket. The higher starting point means I now see the CPI trough falling only marginally below zero.
Provider
Heteronomics
Heteronomics

Heteronomics provides UK-centric macro research. A hallmark attention to detail delivers a depth of analysis beyond what the sell side now delivers. Clients can also experience events that privately provide insights on these topics. Have a bespoke request for research or an event? Let us know. Clients can expect assistance with their own requirements to the extent it doesn't impinge upon other clients. Think of it as retaining an expert economist, without the large overhead.

Analysts
Philip Rush

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