The Trader 

Food prices on a downward trajectory

The Trader

Last Wednesday the UK’s Office for National Statistics announced that the consumer price index (CPI) dropped to 2.4 per cent year on year in September (2.2 per cent if owner-occupied housing is included), from 2.7 per cent the previous month and a peak of 3.1 per cent in December 2017. This was way below consensus estimates (2.8 per cent) and took the core rate of inflation down to 1.9 per cent annualised. The Trader was not entirely surprised as CPI has often peaked at 3 or 5 per cent over the past quarter of a century. We feel it is now on a downward trajectory towards 1 per cent.

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