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  • Focus on solid services inflation rather than weaker- than-expected headline inflation.
  • The headline inflation miss is smaller than it looks and producer prices point to goods weakness reversing.
  • Underlying services inflation is slowing only gradually and remains consistent with above target inflation.

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Keywords for: 18 June 2026 UK Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence