Relief that the latest inflation figure was in line with market expectations is misplaced. July inflation remained persistently high at 9.2 per cent year on year, and we believe that this number will soon be revised upwards by between 50 and 100 bps, as has been the trend over the past several months. An even greater worry is that core inflation has risen, up 20 bps to 7.5 per cent year on year – far above the now invalidated long-term trend of 4 per cent. Meanwhile other economic data...
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