Interesting. On the RPI uprating it's a fair point, but also we're clearly not measuring inflation in this sub sector correctly. CPI measure of different countries on the left and BT's Consumer revenue segment on the right.

Google paid clicks growth not looking too healthy.

Two day change in fund size...

No idea why I bothered doing this.

Incase anyone wants to see what core would look like with the homelet measure replacing the ONS one.

European Defence names have added 250bn of market cap since the start of 2022 over doubling.....

Top 6 best performing names in SXXP since start of 2022...

I guess when the UKs does eventually turn it’ll be a big disinflationary force on “services” when people will be looking for increases due to NI hikes.

Have been whining about this elsewhere but at 80bps of core and 60 of headline contributed by actual rents for housing (something we know to be well into disinflation) keeps hitting new highs seems to be flying under the radar.

And to add even further insult to injury, growth actually peaked in 2022 and is now flat YoY for third party providers. A quirk of Stock vs Flow but I still have my suspicions of the ONS data here.

This is compounded by the fact the UK's weight in of rents in headline CPI is 50% higher than EZ.

To be honest UK service inflation outlier story is a storm in a tea cup. UK has lower Restaurant inflation than the EZ something I believe people think about when they think services. It does have well over double the growth of Rents.

Decision makers panel not good reading for Labour. Effects of NI increase seemingly leading to increase in price growth / decrease in hiring growth / decrease in wage growth.