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Wednesday preview: Eurowag results, UK inflation data in focus
(Sharecast News) - Wednesday sees the release of full-year results from Eurowag, along with UK inflation figures for February. Kathleen Brooks, research director at XTB, said that while it may be tempting to think that the UK CPI report will be ignored this week, it is likely to be used as a baseline.
"If inflation is stronger than the 3% forecast for February headline CPI then it could lead to another wave of panic in the UK bond market that the fallout from the energy price shock will be even worse than expected," she said. "However, a weaker reading could have the opposite effect."
Michael Hewson at MCH Market Insights, said the inflation numbers are expected to show that headline inflation remains well above the Bank of England's 2% target rate, with the current levels of price inflation likely to remain elevated for quite some time to come.
"The Bank of England's most recent inflation report showed that they expected headline inflation to slow sharply to 2% by April, which seemed optimistic at the time, even without recent events," he said. "This seems even more optimistic now given the sharp rises seen in prices at the pumps, and is likely to make businesses more reluctant to cut prices as we head into the summer."
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