Food Prices Hit Two Year High

At face value, the increase in core total finished goods PPI inflation to 2.0%, from 1.6% in March, suggests that core CPI inflation will rise from 1.7% in March to around 2.0% within a matter of month. Although we don’t expect this rise to happen so soon, we are expecting the stronger economic recovery and rising wage growth to push core CPI inflation above 2% next year.

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